China, Malaysia boost ties
Source: Agencies |
April 29, 2011, Friday
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Print Edition
Print Edition
CHINA and Malaysia signed agreements yesterday to boost investment in various projects involving energy, infrastructure and communications that add to Beijing's influence in southeast Asia.
Chinese Premier Wen Jiabo and Malaysian Prime Minister Najib Razak presided over the signing ceremony.
China also approved an application by Malaysia's central bank to set up a representative office in Beijing to facilitate trade in local currencies, Wen said in Kuala Lumpur.
In 2009, China signed currency swaps with Malaysia and Indonesia in a bid to give the yuan a bigger international role.
The deals included a deal between China Huadian Engineering and Malaysia's Janakuasa to build a coal-fired power plant. Janakuasa had previously been awarded the US$1.5 billion plant project that is due to be completed in 2015 in southern Vietnam.
Another deal was for the supply of network infrastructure and services by Malaysia's Digi Telecommunications and China's ZTE Corp.
Smelter Asia Sdn Bhd also inked a pact to develop a project with Aluminum Corp of China. The US$1-billion project in East Malaysia's Sarawak state had been announced before but not started yet.
Najib said the pacts "signify deep commitment" by both countries to identify new areas of economic collaboration and stimulate investments.
Malaysia is China's biggest trading partner in southeast Asia.
Bilateral trade grew at an average of 20 percent annually in the past few years and hit about US$75 billion last year, Najib said.
Wen said that China will continue to import Malaysian palm oil and would also add frozen durian fruits. China is the second largest buyer of Malaysian palm oil after India.
Wen arrived in Jakarta yesterday evening for a two-day visit.
Chinese Premier Wen Jiabo and Malaysian Prime Minister Najib Razak presided over the signing ceremony.
China also approved an application by Malaysia's central bank to set up a representative office in Beijing to facilitate trade in local currencies, Wen said in Kuala Lumpur.
In 2009, China signed currency swaps with Malaysia and Indonesia in a bid to give the yuan a bigger international role.
The deals included a deal between China Huadian Engineering and Malaysia's Janakuasa to build a coal-fired power plant. Janakuasa had previously been awarded the US$1.5 billion plant project that is due to be completed in 2015 in southern Vietnam.
Another deal was for the supply of network infrastructure and services by Malaysia's Digi Telecommunications and China's ZTE Corp.
Smelter Asia Sdn Bhd also inked a pact to develop a project with Aluminum Corp of China. The US$1-billion project in East Malaysia's Sarawak state had been announced before but not started yet.
Najib said the pacts "signify deep commitment" by both countries to identify new areas of economic collaboration and stimulate investments.
Malaysia is China's biggest trading partner in southeast Asia.
Bilateral trade grew at an average of 20 percent annually in the past few years and hit about US$75 billion last year, Najib said.
Wen said that China will continue to import Malaysian palm oil and would also add frozen durian fruits. China is the second largest buyer of Malaysian palm oil after India.
Wen arrived in Jakarta yesterday evening for a two-day visit.
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