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Malaysia, China to renew 5-year economic cooperation agreement

Publish date: Tue, 18 Jun 2024, 01:30 PM

KUALA LUMPUR: Malaysia and China will renew a five-year economic cooperation agreement during Chinese Premier Li Qiang's visit to the Southeast Asian country this week, Malaysia's trade minister said on Tuesday.

The countries have agreed to implement the second stage of an economic and trade cooperation programme, Tengku Zafrul Aziz said. The programme was first signed in 2013.

"This initiative will further deepen linkages between our industries in priority sectors like high-level manufacturing, digital economy, robotics, entrepreneur development, innovation and startup, as well as R&D (research and development) in agriculture and primary industries," Tengku Zafrul said in a speech at the launch of a Chery assembly plant in Malaysia.

During Li's visit to Malaysia from June 18 to 20, the countries will also sign two memoranda of understanding related to digital economy and green development, Tengku Zafrul added.

Li is expected to hold a bilateral meeting with Prime Minister Anwar Ibrahim and have an audience with the country's king, His Majesty Sultan Ibrahim, Malaysia's foreign ministry said in a statement.

Li will also attend a groundbreaking ceremony for the East Coast Rail Link (ECRL), a US$10 billion rail project which is part of China's Belt and Road Initiative.

China has been Malaysia's largest trading partner since 2009, and the foreign ministry said total trade was valued at $98.9 billion in 2023.

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