Malaysia, China Businesses Sign Deals Worth RM13.2 Billion

Malaysian firms have just come to an agreement with China firms for potential investments worth RM13.2 billion (US$2.80 billion) to collaborate in sectors ranging from oil and gas to education, the Ministry of Investment, Trade and Industry (MITI) said.

The agreements were made in conjunction with Chinese Premier Li Qiang’s visit to Malaysia. According to Prime Minister Dato’ Seri Anwar bin Ibrahim, this should facilitate closer relations with China, as well as greater cooperation in business and trade.

Memorandum of understanding signings

MITI said the signings it witnessed included a memorandum of understanding between Malaysia’s Genting Oil & Gas and its Indonesia-based unit, PT Layar Nusantara, as well as China’s Wison Energies to design and construct a nearshore 1.2 million ton per annum floating liquified natural gas facility in Indonesia.

The ministry also announced that Genting Sanyen Malaysia SB and SDIC Power Holdings, will also be developing and operating a gas-fired power plant of 1,685 megawatts in Zhousan, China.

Other deals included collaborations in the banking and education sectors.

Visa exemption extension

Both the China Premier Li Qiang and Anwar had earlier issued a joint statement between China and Malaysia on the continued commitment to strengthen China-Malaysia partnership.

This included the extension of the visa exemption until the end of 2025 for China travellers to Malaysia and vice versa.

Both countries also agreed to enhance education cooperation and strengthen cooperation on vocational education and digital education as well as in the areas of joint scientific research.