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Last Updated:[11-11-2009 08:08:36 EDT] Zoom in Zoom out Back to Tradenews

Malaysia and China Prepare Road Map for Future Growth

tradenews The Chinese President Hu Jintao arrived on Tuesday in Malaysia to commemorate the 35th anniversary of diplomatic ties between both countries, and met Prime Minister of Malaysia, Datuk Seri Najib Tun Abdul Razak. Later, Najib informed that Malaysia and China have agreed to increase bilateral trade and investment linkages especially in the area of palm oil and Malaysian timber.

At a joint press conference with Hu, Najib said that China had become one of Malaysia's largest trading partners and hoped that trade and investment would increase with the most powerful economy of the region. In 2008, bilateral trade between the two countries amounted to nearly $40bn and the bulk of it was covered by electrical and electronic products, and commodities.

Hu is visiting Malaysia with a dual-purpose of strengthening economic ties with the host nation and to check the progress on the first World Chinese Economic Forum (WCEF) which will be held in Malaysia between November 16 and 17. The two-day forum offers business opportunities for the entrepreneurs of the Chinese diaspora from countries including the US, Australia, New Zealand, Singapore, Indonesia and nations across Europe.

This was Hu's second visit to the country, having visited Malaysia as vice-president in May 2002. While speaking at the joint press meet, the Malaysian premier said the signing of an agreement between Bank Negara Malaysia and the Banking Regulatory Commission of China heralded a new era of cooperation between the two countries in the area of finance.

Najib informed that the second Penang Bridge, linking the mainland and the island would be completed on schedule as both countries had agreed to it. He also informed that there was consensus between both sides on engaging in more areas including energy, agriculture, fisheries, education and science, and defence and security cooperation.

Malaysia would be granting the Chinese firms to undertake the construction of the Mengkuang Dam, the biggest dam in Pulau Pinang and an aluminium smelting plant. Likewise, a pulp and paper project and the double tracking rail project linking Gemas to Johor Baharu also would be granted to the Chinese companies, Najib added.

By Jose Roy

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