KUALA LUMPUR: MCA aims to help the country achieve the bilateral trade target of US$160bil (RM640bil) with China soon by actively mobilising Malaysians to take advantage of business and trade opportunities under China’s ambitious Belt and Road regional economic initiative.

“Looking at the current global economic situation, it will be tough to meet the target but we will work doubly hard to achieve it. If we cannot achieve it next year, we will try in 2018,” said MCA president Datuk Seri Liow Tiong Lai, when opening the conference “Belt and Road Initiative: Malaysia-China Business Dialogue” at Wisma MCA here yesterday.

In 2013, the two nations set a target to increase their bilateral trade to US$160bil (RM640bil) in 2017 after China upgraded Malaysia to be its full strategic partner. But last year, Malaysia-China trade fell to just below US$100bil from US$120bil in 2014 due to global economic slowdown.

Liow, who is also Transport Minister, noted that the initiative, expounded in 2013 by Chinese President Xi Jinping, spans 65 countries in Asia, Europe and Africa to drive regional development and cooperation.

Among others, the initiative encompasses building infrastructure in these countries to enhance connectivity, trade, capital flow and travel with China.

Malaysia is one of the key beneficiaries under the Belt and Road policy, and China’s Silk Road Fund has allocated an initial 40bil yuan (RM25bil) for development of projects linked to the initiative in Ma­­lay­sia, according a Chinese banker.

Malaysia’s close relations with China, sharp rise in Chinese investment in Malaysia, development of port alliance with China, efforts by Chinese ambassador to promote Malaysia were among the factors cited by Liow as offering optimism to trade and economic cooperation.

Seeing positive impact from the initiative, the MCA chief boldly projected that tourist arrivals from China to Malaysia will increase to eight million in five years, from two million expected this year.

“Increased frequency and routes for direct flights, along with e-visas and online registration systems, have enhanced people-to-people communication.

“In the next five years, we hope to bring in eight million tourists from China. We are confident, especially now that China Southern Airlines will have direct flights to Malacca from Sept 29,” he said.

Earlier, Chinese Ambassador to Malaysia Dr Huang Huikang had expounded on the healthy Chinese investments, here.

Huang said Malaysia – being one of the first countries to endorse and support the Belt and Road initiative – was reaping the fruit of early bird now.

He announced that Malaysia has emerged to become China’s 6th largest global trading partner, after the US, Japan, South Korea, Germany and Europe.

China has been Malaysia’s largest trading partner for the past seven consecutive years.

Treating Malaysia as a “trustworthy and reliable” regional partner, China will continue to invest in Malaysia heavily in many fronts, adding that there was plan to invest US$3bil (RM12bil) in an integrated steel/cement/coal project in Sarawak and a US$2bil (RM8bil) modern energy project in Malacca.

In Malacca, there is already commitment to invest US$10bil investment on development of Malacca port and related tourism projects.

Huang also disclosed that the total investment in Bandar Malaysia could rise to RM150bil for China and its Malaysian partners, when the integrated property project is completed. China currently has committed to investing US$2bil (RM8bil).

Bandar Malaysia has been classified as a Belt and Road project and could get easy financing from the Silk Road Fund.

China is also discussing with the Malaysian Government on the development of various railway systems, in addition to bidding for the RM70bil Kuala Lumpur-Singapore High Speed Rail, the ambassador added.

“Soon you will see this scenario: After taking dinner in Kunming, our Chinese nationals will board a train to Kuala Lumpur to have breakfast here,” he said.

-The Star-