Lin Wanfeng encouraged to make good use of RCEP to explore business opportunities

International Business News  –  Datuk Lim Wan Feng, Deputy Minister of International Trade and Industry of Malaysia, said that the combined advantages of the Regional Comprehensive Economic Partnership (RCEP), the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Dual Cycle Strategy (DCS) will provide strategic cooperation for Malaysian and Chinese enterprises platform to further strengthen regional economic cooperation under the new normal.

Lin Wanfeng was invited by the Chinese General Chamber of Commerce of Hong Kong to attend the 2022 Hong Kong Summit Online today,and made the remarks when he spoke on behalf of the Malaysian Government at a seminar on “Regional Economic and Trade Cooperation and the Role of Hong Kong in the New Global Context and Post-Epidemic Normal”. Speakers at the same session also included the Deputy Ministers of Commerce, Trade and Economic Affairs from Vietnam and Indonesia.

The theme of this summit forum is “New Opportunities for Regional Cooperation under the New Pattern”. The distinguished guests included Li Jiachao, the new Chief Executive of the Hong Kong Special Administrative Region, Ren Hongbin, President of the China Council for the Promotion of International Trade, Jin Liqun, President of the Asian Infrastructure Investment Bank, and Yuan Wu, President of the Chinese General Chamber of Commerce in Hong Kong.

The theme of this summit forum is “New Opportunities for Regional Cooperation under the New Pattern”. The distinguished guests included Li Jiachao, the new Chief Executive of the Hong Kong Special Administrative Region, Ren Hongbin, President of the China Council for the Promotion of International Trade, Jin Liqun, President of the Asian Infrastructure Investment Bank, and Yuan Wu, President of the Chinese General Chamber of Commerce in Hong Kong.

Lin Wanfeng pointed out that RCEP, including ASEAN, is the largest single free trade area in the world, covering nearly 30% of the world’s GDP and one-third of the world’s population, which will open up new windows of opportunities for trade and investment and strengthen connectivity , deepening regional economic integration and accelerating the process of economic recovery.

He said that China’s Greater Bay Area plays a pivotal role in China’s new development pattern during the “14th Five-Year Plan” period. The region has a population of 86.7 million and covers important cities such as Hong Kong, Guangzhou and Shenzhen. 12% of GDP, or $1.95 trillion.

In addition, relying on Hong Kong’s strategic position as an international financial center, coupled with the technological strength and innovation capabilities of surrounding cities, the region has formed an important competitor in the global supply chain and industrial chain.

Lin Wanfeng pointed out that China’s Dual Cycle Strategy (DCS) promotes internal (domestic) and external (international) cycles, deepens the connection between internal and external markets, and ensures the sustainable development of China’s economy. Under the guidance of this strategic policy, China has invested a lot of resources to strengthen the research and development of artificial intelligence, biotechnology, blockchain, neuroscience, quantum computing and robotics, and to advance as a manufacturing power of high-value-added, high-tech products.

“The ‘National Investment Policy’ issued by the Malaysian government is committed to attracting more high-quality companies that meet ESG standards to land in Malaysia, and many Hong Kong companies that have business in China, especially those involved in the advanced manufacturing fields listed in the dual-cycle strategy Such as automation, biotechnology, aviation industry, etc, will be the key investment targets of Malaysia.”

Lin Wanfeng welcomed more Hong Kong enterprises to establish regional operation centers in Malaysia. Qualified enterprises will enjoy preferential tax treatment. These general policies for attracting investment will be beneficial to the industrial upgrading and economic transformation of Malaysia.

In his conclusion, Lim Wanfeng hoped that enterprises from Malaysia and China would make good use of the advantages of the combination of the Regional Comprehensive Economic Partnership (RCEP), the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Dual Circulation Strategy (DCS) to enhance regional connectivity and further Driving a new era of cooperation between Malaysia and Hong Kong, China.