Asli chief: Tap China more, also hopes for increased Chinese investment in M'sia

Published: Friday October 4, 2013 MYT 12:00:00 AM 

Updated: Friday October 4, 2013 MYT 8:16:40 AM

(From left, foreground): Yeoh, Naumkin, member of the
Academy of Sciences of the Russian Federation
Dr Vladimir Sautov, Mahathir, Russian Ambassador Lyudmila G.Vorobyeva
and WCEF patron Tan SriLee Kim Yew

PETALING JAYA: The Asian Strategy and Leadership Institute (Asli) hopes for more investments from China to flow into Malaysia, according to chief executive officer Tan Sri Michael Yeoh.

He said that since China had a large consumer market, Malaysian businessmen could try to export more to that country.

“At the same time, Chinese investments are also going out of China. We are hoping there will be more Chinese investments that will come to Malaysia,” he said after the opening of the two-day 5th World Chinese Economic Forum (WCEF) yesterday.

Last year, bilateral trade between the two countries reached a historic high of US$94.8bil (RM303.36bil).

Yeoh also said China was a very stable country that would keep growing and benefit South-East Asian economies, adding that economic woes in Europe and the United States actually strengthened China.

The forum, jointly organised by Asli, the International Trade and Industry Ministry and the Chinese council, is expected to further enhance China-Malaysia ties and help create a new economic growth corridor.

Some 600 participants from 34 countries are attending the forum.

During the event, Tun Dr Mahathir Mohamad launched a book, Mahathir bin Mohamad on the Contemporary World (A Conversation with Vitaly Naumkin),which is based on an interview between the former prime minister and the Russian academic.

Yeoh also said a lot of Chinese businessmen were interested in investing in Malaysia. “Two years ago, during the forum, a Chinese company signed an MoU (memorandum of understanding) to invest over US$1bil in Malaysia.”

“I think this forum will create opportunities for networking; for example, the businessmen in Europe may not know businessmen in China. We have people from Russia, Switzerland, France and England and they can network with their counterparts in Malaysia and China as well as other countries in South-East Asia,” he added.

Asked about the deals to be sealed during the forum, Yeoh hoped more deals or investments could be announced.

However, he said there was no indication of such deals yet. “We have not received any specific deals in place but just now an MoU was signed. It is a fairly big deal in the oil business,” he said.

Malaysia Pacific Corp Bhd signed the MoU with China-based Black Sea Horizon Investment Holdings Ltd to promote Malaysia as Asia’s “Economic Corridor” for trade and services with China, Asean, India and the Middle East.

State-owned Black Sea Horizon is principally involved in consumer trade, property development, hospitality, oil refineries and oil trade, while Malaysia Pacific is engaged in property investment and property development.

Both companies will co-ordinate and secure co-operation with appropriate partners, with approvals from the regulatory bodies in China and Malaysia, for the Asia Pacific Trade and Expo City (Aptec) project.

Aptec is a consumer products trade hub and serves as a platform for the China-Malaysia Strategic Economic Partnership.

On another note, Yeoh hoped Budget 2014 would look at how Malaysia could be more competitive.

“We hope there will be a greater expenditure on education, which is important for us.

“We are also hoping that there can be a reduction in corporate and personal taxes if the Government were to introduce the GST (goods and services tax),” he said.