Malaysia-China Industrial Cooperation To Unlock New Opportunities: Deputy Minister
An aerial drone photo taken on June 13, 2024 shows the Malaysia-China Kuantan Industrial Park (MCKIP) in Pahang, Malaysia. (Xinhua/Cheng Yiheng)
KUALA LUMPUR, April 22 (Bernama-Xinhua) -- Industrial cooperation between Malaysia and China has offered new opportunities for common development, and China's thriving market plays a crucial role in the future development of Malaysia's palm oil industry, a Malaysian government official said.
In a recent interview with Xinhua, Malaysia's Deputy Minister of Plantation and Commodities, Chan Foong Hin, said the two countries have maintained frequent high-level exchanges, promoting more robust trade activities and leading to a series of new achievements in multiple sectors.
Chan, who has travelled extensively across China, sees considerable untapped potential beyond the country's major megacities. 'We believe the central and western regions of China hold enormous market possibilities,' he said.
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'Later this year, I plan to visit Chengdu and Chongqing (in southwestern China) to explore collaborations for high-value palm oil goods that cater to local industries,' Chan added.
Statistics show that bilateral trade volume in 2024 reached a historic high of US$212 billion, and China has been Malaysia's largest trading partner for 16 consecutive years.
Noting that China is one of the most important markets for Malaysia's palm oil, Chan said Malaysia's palm oil exports to China in 2024 reached 10.57 billion ringgit (about US$17.4 billion), accounting for over half of Malaysia's bulk commodity exports to China.
A new trend in the Chinese market is bringing new opportunities for cooperation, Chan said, highlighting an increasing shift from traditional food uses of palm oil to bioenergy, chemicals, and other high-end industrial applications.
Chan mentioned Malaysia's Palm Oil Board, which set up a research and development (R&D) centre in Shanghai back in 2005. 'That R&D centre has been hugely important,' he stressed. 'It fosters continuous interactions between Malaysian and Chinese markets, encouraging product innovation beneficial to both sides.'
'We look forward to jointly tapping into advanced fields like artificial intelligence and drones, applying these technologies to our industry development,' he said.
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