18/10/2022
After the 20th CPC National Congress, New Opportunities for Malaysian Entrepreneurs’
A conference is being held in China. Its significance goes beyond China itself. This is the 20th National Congress of the Communist Party of China (CPC), also known as the 20th CPC National Congress. It will elect new Chinese leadership that will determine, among other things, China’s development plans and openness to foreign cooperation for the next five years or even longer.
Michael Jan, Investment Promotion Ambassador of China (Guangxi) Pilot Free Trade Zone and Member of the Malaysia-China Business Council CCPIT Committee, said that President Xi’s report in the session set out China’s future open policies, including promoting high-standard opening-up, steadily expanding institutional opening-up concerning rules, regulations, management, and standards, accelerating the building of a trade powerhouse, jointly promoting the high-quality development of BRI, and safeguarding a diverse and stable international economic atmosphere, as well as economic and trade relations.
The new development of China will provide new opportunities for the world, including Malaysia. Thus, the report is worth analyzing for Malaysian entrepreneurs, from which they could find great business opportunities.
The Belt & Road Initiative (BRI), proposed by Chinese President Xi Jinping, has won applause and seen broad participation across the globe. It is an initiative that will benefit the participating countries in the world, which will lead to progress in infrastructure, economic development, and cultural tourism.
These benefits are most obvious when it comes to Asian countries. Malaysia was one of the first countries to respond to the BRI and is one of the most benefited countries. China is Malaysia’s largest trade partner, but ten years ago, Malaysia-China trade volume was a mere US$ 60 billion. Nowadays, bilateral trade volume has reached US$ 131.2 billion in the first eight months of 2022, thanks to China. Neighboring a large country with a 1.4-billion population is a good fortune and opportunity for all businesses in Malaysia.
“We are pleased to see that the relationship between Malaysia and China has remained good under each successive government,” said Mr. Jan.
A good Malaysia-China relationship is in the interest of both sides
Michael Jan, who is also the Secretary-General of the ASEAN-China (Malaysia) Entrepreneurs’ Association and the Researcher of the ASEAN-China Business Think Tank, said that in the face of the current uncertain international situation, President Xi Jinping has put forward the Global Security Initiative and the Global Development Initiative and actively promoted the building of a community with a shared future for mankind, proposing a “China Solution” to promote peaceful development in the world. With Malaysia being China’s largest trade partner, the development plans of China will have a direct influence on Malaysians in every aspect.
In the past three years, the global economy has suffered serious setbacks due to the COVID-19 pandemic. However, Malaysia-China economic and trade cooperation remains resilient and vigorous. The two countries are jointly building the high-quality Belt and Road. With the progress of the East Coast Rail Link project approaching 30% and the “Two Countries, Twin Parks” cooperation deepening, Malaysia can expect to harvest more cooperation results.
Jan said that the China-ASEAN Expo (CAEXPO) opens a wider gate for cooperation between the Malaysian and Chinese governments as well as the companies on both sides, and Malaysian companies should make full use of this opportunity. CAEXPO provides Malaysia with opportunities not only in major projects but also provides Malaysian SMEs with opportunities to showcase and cooperate with their Chinese partners.
Nanning, Guangxi, is the permanent venue of CAEXPO. For 19 years, more than 2,000 Malaysian companies have participated in the Expo, and the total transaction value has exceeded US$ 1 billion. Malaysian enterprises are advised to utilize this “Nanning Channel” and benefit from cooperation with Chinese partners.
During the three-year pandemic, Malaysia-China relations have withstood the test. From Malaysia’s active assistance to China at the beginning of the epidemic to China’s active assistance back to Malaysia after the outbreak, this has shown the sincerity of cooperation and mutual help between the two countries.
“The implementation of RCEP has brought even more possibilities for Malaysia-China cooperation. The two countries have made new commitments to open markets on the basis of the China-ASEAN FTA. We can expect China to develop more rapidly and openly after the 20th CPC National Congress and provide more opportunities for regional development.”
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