SHANGHAI: Enhancing bilateral ties, particularly in local currency trade settlements was among the topics discussed during Prime Minister Datuk Seri Anwar Ibrahim's meeting with Bank of China Ltd today.

The Prime Minister's Office (PMO) said the discussions, following Anwar's meetings with Chinese companies, also aimed to position Malaysia as a strategic hub for both regional and global trade.

"The meeting, led by Bank of China chairman Ge Haijiao, focused on financial cooperation.

"Strengthening financial ties between Malaysia and China remains a priority, and this dialogue marks an important step in aligning our countries' financial interests," the statement said.

Following Anwar's business meeting with Chinese companies today, PMO said the prime minister also expressed a wish for SinoChem Petrochemical Distribution Co. Ltd, a petroleum trading company, to continue to be Malaysia's strategic partner while also looking into new avenues for collaboration that will benefit Malaysia and China.

"Led by the general manager Liu Chun, SinoChem intends to source chemicals for the production of personal care products, cosmetics and so on.

"Anwar also shared that Malaysia has a strong network of manufacturers and suppliers, especially in the petrochemical field and is making significant progress towards sustainable resources and ethical environmental practices.

"Malaysia is also taking big steps towards responsible environmental practices and sustainable resources."

The statement added that SICC Co. Ltd, a prominent player in China's semiconductor industry, also expressed interest in expanding into Southeast Asia.

"The discussions focused on Malaysia's competitive standing as a hub for advanced manufacturing especially within the semiconductor sector.

"This engagement highlights Malaysia's readiness to support high-value manufacturing, a critical growth area for the nation's economy.

"Meanwhile, SEMCORP Co. Ltd, the world's largest producer of lithium-ion separator films, discussed the potential of establishing a regional hub in Malaysia to meet the growing demand for electric vehicle (EV) components

"As interest in EV grows, SEMCORP's potential expansion would solidify Malaysia's role in the sustainable automotive industry, contributing to the region's energy transition," it said.

At the same time, PMO added that many Chinese firms view Malaysia as a strategic partner due to its skilled workforce, pro-business environment and central location in Southeast Asia.

It said Malaysia's stability, growth potential and strategic location have made it a preferred choice for companies seeking a reliable trading gateway in Asia.

PMO added that the roundtable session with 24 industry leaders today had also focused on opportunities for investment and trade in Malaysia across various key sectors, including advanced materials for semiconductors, aerospace, and electric vehicles.

"The prime minister assured all the industry leaders that Malaysia stands ready to support both investors and trade partners with the resources and stability needed to thrive."

https://www.nst.com.my/news/nation/2024/11/1130706/malaysia-bank-china-discuss-local-currency-trade-settlements