Malaysia
Singapore
Philippines
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Trade between Malaysia and China soared to RM396.14 billion (US$86.26 billion) for the first ten months of 2024, underscoring the strength of their 50-year partnership. At the Malaysia-China Summit 2024 (MCS 2024), Matrade chairman Datuk Seri Reezal Merican Naina Merican hailed the enduring collaboration between the two nations as a benchmark for cultural and economic ties.
“The five-decade-long partnership has nurtured a resilient alliance rooted in cultural and economic collaboration,” Reezal stated during the event.
China: Malaysia’s Top Trading Partner for 15 Years
China has consistently been Malaysia’s largest trading partner, contributing 16.6% of Malaysia’s total global trade. As Malaysia gears up to assume the Asean chairmanship in 2025, Reezal emphasized the nation’s strategic role in fostering regional trade integration.
“Exports to Asean and China collectively made up RM518.55 billion of Malaysia’s total exports for 2024, demonstrating the success of regional trade agreements like the Regional Comprehensive Economic Partnership (RCEP),” he said.
He added that Malaysia would leverage its Asean chairmanship to promote an open, inclusive, and rules-based economic framework, further strengthening its position as a gateway to larger markets within the region.
Expanding Malaysia’s Global Halal Leadership
Reezal highlighted initiatives to promote Malaysian businesses in China, including plans to launch the Malaysia International Halal Showcase (MIHAS) in Shanghai and explore untapped markets in China’s Western Region.
“These efforts will not only present significant opportunities for Malaysian businesses but also cement Malaysia’s global leadership in the halal economy,” Reezal said.
Boosting Regional Connectivity
Transport Minister Anthony Loke launched MCS 2024 by emphasizing Malaysia’s pivotal role in Asean’s rail connectivity. He discussed plans to resolve border customs challenges and strengthen rail freight movement between regional countries and China.
“The Pan-Asian rail network exists, but it has yet to operate on a large scale. Malaysia is committed to advancing the rail system as an efficient alternative mode of transport,” Loke said.
Key initiatives include:
- Enhancing rail freight connectivity with neighboring countries like Thailand and Laos.
- Promoting mega infrastructure projects like the East Coast Rail Link (ECRL) to shift freight from road to rail, reducing congestion and logistics costs.
Economic and Infrastructure Development
Loke emphasized the ECRL as a game-changer for Malaysia’s economic development.
“Once completed, the ECRL will benefit both passengers and freight services, complementing Malaysia’s maritime transport, which currently dominates 95% of Asean trade,” he added.
MCS 2024: Unlocking RM2 Billion in Trade and Investments
The three-day MCS 2024 summit marks the culmination of celebrations for the 50th anniversary of Malaysia-China diplomatic ties. It is expected to unlock over RM2 billion in trade and investment opportunities, further cementing Malaysia’s role as a regional economic powerhouse.
Malaysia’s strategic trade partnerships, coupled with ambitious infrastructure projects, position the nation as a key player in driving Asean-China economic integration. As the region looks toward sustainable and inclusive growth, Malaysia’s leadership in trade and connectivity is poised to set the stage for shared prosperity.