The government will set up a special channel to facilitate more investments from China in Malaysia, said Finance Minister Lim Guan Eng.
Lim expressed that the new channel could double the approved foreign direct investments (FDI) from China to about RM8.8 billion from RM4.4 billion recorded in the first quarter this year.
"We hope to see more investments, Malaysians to invest in China and the Chinese to invest in Malaysia," Lim told the media after the launched of the Malaysia-China Belt and Road Economic Cooperation forum in Kuala Lumpur.
Also present at the event were China's ambassador to Malaysia Bai Tian, Malaysia-China Business Council Chairman Tan Kok Wai and Malaysian Investment Development Authority (MIDA) chairman Datuk Abdul Majid Ahmad Khan.
The Malaysia-China Belt and Road Economic Cooperation Forum 2019 was organised following the Second Belt & Road Forum held in Beijing on April 25-26, 2019, with the aim to explore opportunities for entrepreneurs. It is in conjunction with the celebration of the 45th Anniversary of the establishment of Malaysia and China relation.
Malaysia approved a foreign direct investment of RM29.3 billion for the first quarter of 2019, an increase of 73.4 percent compared to RM16.9 billion last year.
A total of RM4.4 billion came from China, making China the second biggest source of approved manufacturing investment into Malaysia, after US investment of RM11.1 billion.
He mentioned that during his first official visit to China last June, he brought up about the creation of this special channel.
"When I go to China for the investment mission later this month, we will be fleshing out the details to the Chinese investors," said Lim.
Lim added that his ministry will lead this special channel and will facilitate high technology, high value and high knowledge Chinese investment, especially in the manufacturing sector.
"Since the Chinese manufacturing investors are looking for a safe place to invest, I think we are able to offer it to them,"Lim said.