China and Malaysia agreed on Friday to step up cooperation in developing the flagship twin industrial parks in an effort to increase bilateral economic cooperation.
At the 4th joint Cooperation Council (JCC) Meeting on the Malaysia-China Kuantan Industrial Park (MCKIP) and the China-Malaysia Qinzhou Industrial Park (CMQIP), both Chinese and Malaysian officials hailed the economic benefits generated by the MCKP and CMQIP, collectively called the Twin Parks.
Leaders of both China and Malaysia attach great importance to the development of the Twin Parks and great success has been achieved with the support of the two central governments and the efforts by the local governments, said Li Chenggang, Chinese assistant minister of commerce.
The Chinese side is willing to work with its Malaysian counterpart to implement the high-level consensus between the two countries, synchronize the respective development strategies and make middle and long-term plan for the Twin Parks, in an effort to make the Twin Parks a platform for greater openness of China and for Chinese companies to invest in Malaysia, he said.
Pushing for development of the Twin Parks by China and Malaysia is also a joint effort for win-win cooperation against the headwind of protectionism and unilateralism, Li added.
Ong Kian Ming, Malaysian international trade and industry deputy minister, said the bilateral trade between Malaysia and China is benefiting greatly from the establishment of two industrial parks, which have continued to be an engine of growth especially in Malaysia's economy and have yielded jobs and investment opportunities for the country.
Citing the example of Alliance Steel, the first factory to start its manufacturing operation in MCKIP, Ong said the investment of 5.6 billion ringgit (1.3 billion U.S. dollars) for the steel mill has translated into 3,800 jobs for local workers.
Ong also noted the upcoming investment of Maxtrek Tyres by Guangdong's Zhaoqing Junhong Co. Ltd in MCKIP, which is set to be the largest tyre production base in Malaysia following its completion.
He added that the progress made through the MCKIP and CMQIP would be further enhanced with greater integration of the twin parks into the China-proposed Belt and Road Initiative.
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