PETALING JAYA: Malaysia is in a position to play a role in bridging the gap between the east, specifically China, with the West given its close ties with the people’s republic, according to Dewan Negara president Rais Yatim.
Bringing the two sides together has never been more important than now, Rais said in his keynote address at the opening of the Global Chinese Economic and Technology (GCET) summit in Kuala Lumpur today.
The summit, organised and hosted by think tank KSI Strategic Institute for Asia-Pacific, is a forum to discuss ways to improve the socio-economic well-being of the Chinese and to enhance their links to each other.
Malaysia’s close relationship with China stretches back to 1974, when it became the first Asean country to establish diplomatic ties with China.
Rais noted that over the past 13 years, China has been Malaysia’s largest trading partner. “As of August, our trade this year has reached US$31.2 billion (RM137.5 billion), an increase of 21.1% year-on-year,” he said. “Our bilateral trade was at a record high of US$176.8 billion (RM779 billion) last year.
Even under the bleak economic conditions in the past two years, the Chinese invested US$3.8 billion (RM16.7 billion) in Malaysia in 2021, he added.
Rais said Malaysia also expects its exports to the Regional Comprehensive Economic Partnership (RCEP) countries to top US$200 million (RM881 million), making it the largest beneficiary in terms of export gains. RCEP is the world’s largest trading bloc, accounting for 30% of the world’s population and economy.
Apart from that, Rais said, Malaysia was also among the earliest supporters of China’s Belt and Road Initiative (BRI).
Outside of investment, business and trade, he said, people-to-people relations between the two countries are also strong given the shared culture between the Chinese community in Malaysia and the people of China, making it a key strength in relations between the two countries.
Country Heights Holdings Bhd founder and executive chairman Lee Kim Yew said the objective of the GCET summit is to promote close economic, technological and business ties between China and Asean.
Lee, who is the founder and patron of GCET, said efforts will also be made to encourage the Chinese diaspora to invest in Malaysia and make the country their second home.
KSI president Michael Yeoh said the focus of GCET is on the “4Ps”, namely peace, partnership, people and planet and the benefits they bring to countries and businesses through economic cooperation.
Formerly known as the World Chinese Economic Summit, the event has been held in Melbourne, Chongqing, London, Melaka, Macao, Beijing, Bonn and Penang. More than 200 policymakers, entrepreneurs and those in the diplomatic corps are at this event.
According to a June 2022 Pew Research Centre survey, six out of 10 Malaysians have a favourable opinion of China while eight out of 10 say relations between both countries are positive.