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Malaysia Committed To Economic Reform And Innovation

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Datuk Seri Fadillah Yusof, Malaysia’s Deputy Prime Minister, stated that the country remains committed to economic reform while embracing innovation and sustainability.

Fadillah stated that under the visionary leadership of Prime Minister Datuk Seri Anwar Ibrahim, Malaysia is embarking on an ambitious economic transformation agenda guided by the principles of inclusivity, innovation, and sustainability.

“Central to our vision is the BRI (Belt and Road Initiative), which provides unprecedented opportunities for Malaysia and China to collaborate in a variety of fields, including infrastructure development, connectivity, trade facilitation, and people-to-people exchanges.

“By leveraging the synergies between our economies and harnessing the transformative power of the BRI, we can unlock new avenues of growth, create jobs, and improve the livelihoods of our people,” he said in his keynote address at The Silk Road and Asian Civilisation Forum 2024 here today.

Deputy Investment, Trade, and Industry Minister Liew Chin Tong, CPC International Liaison Department Minister Liu Jianchao, and Chinese Ambassador to Malaysia Ouyang Yujing were also in attendance.

Fadillah stated that at the heart of Malaysia-China bilateral relations is a strong framework of trade and investment that has served as the foundation for economic cooperation between the two countries.

He stated that China would remain Malaysia’s largest trading partner in 2023, as it had been for the previous 15 years since 2009, accounting for 17.1 percent of total trade.

“China was also Malaysia’s largest import source, accounting for 21.3 percent of total imports.” Imports from China totaled RM258.63 billion, with the majority of imports consisting of E and E (electrical and electronic) products, machinery, equipment, and parts, as well as chemicals and chemical products,” he stated.

Fadillah, who is also the Minister of Energy Transition and Water Transformation, stated that Malaysia is fully committed to promoting green energy and environmental sustainability as part of its development agenda.

He stated that Malaysia and China are also poised to lead the way in promoting green energy and renewable resources, with both countries committed to investing in clean energy technologies such as solar, wind, and hydroelectric power.

“Through collaborative efforts and knowledge-sharing initiatives, we hope to unlock green energy’s vast potential to reduce greenhouse gas emissions, mitigate the negative effects of climate change, and create a more sustainable future for our planet.

“By prioritising innovation and sustainable development in the energy sector, Malaysia and China are not only contributing to global efforts to combat climate change but are also unlocking new opportunities for economic growth and prosperity,” said the prime minister.

SourceThe Sun

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