(Yicai) Dec. 24 -- The foreign trade value between China and Malaysia has soared a thousandfold in the past 50 years, according to the Chinese ambassador to the Southeast Asian country.

Bilateral trade between China and Malaysia grew to over USD200 billion this year from less than USD200 million in 1974, Ouyang Yujin said at the 2024 Malaysia-China Summit, an event held in Kuala Lumpur to celebrate the 50th anniversary of establishing diplomatic relations between the two countries.

Since the Regional Comprehensive Economic Partnership came into effect, China and Malaysia have widely opened markets to each other, Ouyang noted.

This year, China will remain Malaysia’s largest trading partner for the 16th consecutive year, Ouyang pointed out. Meanwhile, Malaysia will be China’s second-largest trading partner and biggest import source among the Association of Southeast Asian Countries.

China is also one of Malaysia’s main investment sources, with a total of over USD19 billion Chinese funds spent on projects in the country, four-fifths of which in the past decade, Ouyang said, citing official data from the Malaysian government. In the first three quarters of this year, China invested MYR10.8 billion (USD2.4 billion) in Malaysia, ranking second among all countries.

Chinese and Malaysian companies are gradually expanding cooperation in emerging fields, such as digital technologies, green and low-carbon energies, and high-end manufacturing, while consolidating partnerships in traditional economic areas, Ouyang pointed out.

In the future, they should grasp development opportunities from new quality productive forces, such as digital economy, green development, artificial intelligence, and new energy, while taking advantage of existing cooperation platforms to inject new momentum into joint development, he added.

Several Chinese firms, including Huawei Technologies, ByteDance, Longi Green Energy Technology, and Zhejiang Geely Holding Group, have invested in Malaysia and set up local plants, as the two countries are cooperating more closely on supply and industry chains, according to Ouyang.

Chinese enterprise delegations to Malaysia reached an annual peak in 2019, Tan In Fong, chairman of Oneworld Hanxin College and Malaysian vocational educator, told Yicai. Even though the number has not yet recovered to that level, it will only continue to increase in the future, he added.

Wang Feiyue, chairman of a Hong Kong-based investment firm, told Yicai that he is optimistic about the development chances Malaysia will bring to Chinese companies.

Editors: Tang Shihua, Futura Costaglione