Taking the right initiative: Dr Wee (fifth from left) at the opening of the conference. With him are (from left) Bong, Chong, Ma, Yew Sing, Kai Hee and Yong.
PUTRAJAYA: Malaysian entrepreneurs must seize the business opportunities available in China and beyond, particularly in the more than 60 countries participating in the Belt and Road Initiative (BRI), says Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong.
As such, he advised Malaysian businessmen to start working out strategies to penetrate the markets along the BRI route that has a massive population of 4.4 billion people.
Malaysia already has a significant amount of annual trade with the BRI countries, he added.
“The opportunity is tremendous.
“The time is now for our businessmen to not only focus on domestic demands, but explore the regional markets as well, including opportunities available in China and beyond,” he said at the opening of the 7th Malaysia-China Entrepreneurs Conference here yesterday.
Also present were MCCC president Tan Yew Sing, the chamber’s honorary presidents Datuk Bong Hon Liong, Tan Kai Hee and Yong Ah Pwi, Chinese Embassy in Malaysia Charge d’Affaires ad Interim Ma Jia, and MCEC organising chairman Bryan Chong.
Malaysia’s annual trade with countries along the Belt and Road exceeded RM850bil in 2016. With BRI, the amount of trade is expected to increase in the next decade.
The BRI, which started in 2013, covers three quarters of the world’s land mass and 60% of the global population.
Dr Wee said Malaysia and China need to deepen their collaboration, particularly in business and trade.
Both sides have identified property, medicine, manufacturing and services as their core sectors of interest, and they need to draw up win-win ventures.
“All this spells huge potential and comes at the right time for us to expand our market and expertise.
“Our edge is that we have penetrated the China market for years, even before they opened their doors to the world.
“And it is also to our advantage that we speak and understand their language and culture,” he added.
Dr Wee pointed out that the Digital Free Trade Zone (DFTZ) is another platform for local SMEs to expand their markets, as the DFTZ makes it easier for them and e-commerce businesses to sell their products globally.
Prime Minister Datuk Seri Najib Tun Razak had recently said that he wanted at least 10,000 SMEs to take part in Chinese e-commerce giant Alibaba’s Singles Day sale and Malaysia Week online promotion next year.
The Singles’ Day sale is a 24-hour shopping promotion.
Dr Wee said China has been Malaysia’s largest trading partner for eight consecutive years since 2009.
He said this conference is timely as the people of both countries are constantly looking forward to connect, engage and explore the many possibilities for them to work together.
The Malaysia-China Entrepreneur Conference is held annually since 2011 by the Malaysia-China Chamber of Commerce. It was held twice outside Malaysia – in Xiamen and Chengdu in China in 2014 and 2016.
According to the MCEC 2017 website, this year’s theme is “The Road”, which symbolises access.
