Malaysia: New free trade zone engine of economic development

Kuala Lumpur /  Beijing – Malaysia Port Klang Free Trade Zone will be a new engine of regional economy, said Ong Chong Yi, Minister Counsellor (Economic) of Malaysian Embassy in China on Monday.

He made the statement at the “promotion meeting for business opportunities in Malaysia.”

Attendees discussed investment and trade chances of halal industry, education, technology, communications in order to promote bilateral trade and encourage Chinese enterprises to invest and develop in Malaysia.

Ong Chong Yi said the Port Klang Free Trade Zone, launched in September, is a key project the Malaysian government has been implementing for the country’s international strategic development.

“The official launch of Malaysia’s Port Klang International Trade and Halal Industry Development Center Project marks that world’s first international production base and transshipment center of halal products and world’s only halal product distribution center will be put into operation.” he said.

Ong Chong Yi said Chinese investment currently mainly goes to financial and real estate, and Malaysia hopes for more investment in the hi-tech area.

Executive director of the China-ASEAN Business Council Xu Ningning said this year marks the 40th anniversary of the establishment of diplomatic relations between China and Malaysia.

Currently, Malaysia is China’s largest trading partners among ASEAN countries, while China is Malaysia’s largest trading partner. Source: Xinhua