KUALA LUMPUR: China has overtaken the United States and Japan as largest foreign investor in the manufacturing industry in Malaysia in the first quarter of the year, said the Chinese Ambassador to Malaysia.

Quoting statistics from the Malaysian Investment Development Authority, Dr Huang Huikang said Chinese foreign direct investment in Malaysia has reached US$400mil (RM1.6bil) in Q1.

Dr Huang was speaking at the opening of “Belt and Road Initiative: Malaysia-China Business Dialogue” at Wisma MCA yesterday.

MCA president Datuk Seri Liow Tiong Lai welcomed the news, adding that Malaysia had been urging China to correct the investment imbalance between the two, which saw our investment in China amounting to six times that of Chinese investment here.

The dialogue was jointly organised by MCA and the Chinese Communist Party’s (CPC) China Economic Cooperation Centre. It was the second edition following the inaugural dialogue in Beijing in July last year.

Liow said MCA was at the forefront of spurring cooperation between Malaysia and China in the context of Belt and Road Initiative through a series of activities such as cadre training, seminars and dialogues.

“We have also set up the MCA PRC Affairs Committee to promote and monitor the progress of the Belt and Road,” he said.

Liow noted that Malaysia offers peace of mind to Chinese investors with the nation’s political stability, stable legal and economic systems, and sustainable policies.

Malaysia’s strategic location also makes it China’s gateway to Asean, West Asia and South Asia, he added.

Liow said the Belt and Road Initiative, introduced three years ago, looks set to be a game-changer on a global scale by introducing a third global trade axis for Asia, Europe and Africa.

“In the past, global economic and trade hubs have been centred on the Atlantic Trade Axis and Pacific Trade Axis,” he said.

“With trade routes along both land and sea, the Belt and Road’s

Spanning 65 nations over three continents with two-thirds of the world’s population, Belt and Road seeks to enhance connectivity by way of policy, infrastructure, trade, capital and people.

Also present at the opening were MCA deputy president Datuk Seri Dr Wee Ka Siong, CPC Central Committee International Department assistant to minister Li Jun, Associated Chinese Cham­bers of Commerce and Industry Malaysia president Datuk Ter Leong Yap, and Federation of Seven Clan Associations Tan Sri Koo Yuen Kim.

Liow later told a press conference that the two countries’ bila­teral trade goal of US$160bil (RM640mil) by 2017 was a difficult one, judging from the current world economic situation, volatile oil prices and weak ringgit against the US dollar.

“Prime Minister Datuk Seri Najib Tun Razak will be visiting China in October. Hopefully, his visit will reap fruitful results and strengthen two-way trade,” he said.

-The Star-