Nearly RM20bil deals inked in China

NANNING: Malaysia and China have strengthened their business ties as Prime Minister Datuk Seri Anwar Ibrahim secured deals worth nearly RM20 billion during his one-day trip to China. The signing of memoranda of understanding (MOUs) worth RM19.84 billion was witnessed by Anwar, who also extended an invitation to Chinese President Xi Jinping and Premier Li Qiang to visit Malaysia next year to celebrate 50 years of China-Malaysia relations. The highlight of the MOUs was China’s commitment to increase the purchase of palm oil by 500,000 tonnes. Anwar expressed his gratitude for this significant increase, which ensures the interests of settlers and smallholders.

One of the major MOUs worth RM2.5 billion was signed between Sime Darby Oils International Limited and Guangxi Beibu Gulf International Port Group. The agreement involves the construction of a trading and distribution center for refined palm oil and shortening in Qinzhou, with an estimated annual transaction volume of 500,000 tonnes. The largest MOU in terms of value is worth RM15 billion and was signed between Citaglobal Bhd and Shanghai SUS Environment. This agreement explores the potential collaboration in developing waste-to-energy power plants. Another MOU worth RM2.34 billion was signed between PM Access World and Beibu Gulf Port Group for warehousing and logistics cooperation to support the New International Land-Sea Trade Corridor between Guangxi and Malaysia.

The signing of the MOUs was witnessed by Anwar and his accompanying ministers. Prior to the MOUs, Anwar had a bilateral meeting and luncheon with Premier Li, during which they discussed various issues related to improving relations between ASEAN, China, and Malaysia. Anwar highlighted the generous support from the Chinese Premier and expressed the importance of upskilling the Malaysian workforce. He also mentioned that China will support Malaysia’s New Industrial Master Plan (NIMP) 2030, aimed at transforming the country into a high-tech nation with investments totaling RM95 billion.

Anwar emphasized the positive views of Chinese companies towards Malaysian professionals and upskilling efforts during separate closed-door meetings with Huawei and China Communications and Construction Company (CCCC). He extended an invitation to President Xi and Premier Li to visit Malaysia next year to commemorate the five decades of China-Malaysia ties. Anwar revealed that various activities are being planned in both countries to celebrate this milestone. The last visit of President Xi to Malaysia was in 2013 during the Barisan Nasional administration.

Anwar attended the opening ceremony of the 20th China-ASEAN Expo and the China-ASEAN Business and Investment Summit (Cabis) before returning to Kuala Lumpur. Prior to his trip, Anwar chaired a Cabinet Meeting and spoke at the Malaysia Day celebrations in Kuching.