Malaysia should prioritise economic cooperation over trade and investment, says Liew Chin Tong

Malaysia should prioritise economic cooperation over trade and investment, said Investment Trade and Industry Deputy Minister Liew Chin Tong.

“In our usual conversations about Malaysia-China economic relations, we often focus on investment and trade.

“However, we may need a new way of looking at things.

“We are not just talking about trade for its own sake, or investment for its own sake, but we should put all these under the umbrella of economic cooperation,” he said.

“Through economic cooperation, we aim to solve societal problems through investment and trade, and we strive to create better societies for each other,” he said via a Facebook post.

He said that viewing trade and investment through the lens of economic cooperation allows for a more long term and less transactional approach.

“When we see things from the perspective of economic cooperation, we will be less transactional and more likely to take a longer view.

“Therefore, we urgently need a new paradigm and a new way of looking at trade and investment,” he said.

Recently, Malaysia and China have developed closer ties.

In June, Malaysia and China signed 14 memoranda of understanding and cooperation agreements, including one for exporting fresh Malaysian fruits to China.

On July 17, the government announced that it is considering a new policy, called Cooperation with the East, which would extend beyond the countries included in the existing Look East Policy to include China.