Malaysia, China to Boosting Port Connectivity
Malaysia and China are working to boost connectivity between their sea ports to raise bilateral trade to achieve a trade volume of $160bn by 2017, says a report in the Star.
Transport Minister Datuk Seri Liow Tiong Lai said the two countries were also exploring the introduction of more flight routes between the two countries to promote tourism and strengthening trade ties.
"We are working towards increasing efficiency and effectiveness of the ports in order to achieve a trade volume of US$160bil (RM662bil) by 2017," he said.
In September 2015 China's Guangxi Beibu Gulf International Port Group bought a 40% stake in Kuantan Port Consortium for approximately USD94 million for expansion works on the biggest port in the east coast of Malaysia.
Last year, some 1.13 million Malaysians visited China, with 22,000 tourists headed to Hainan Island. In the same period, about 1.61 million Chinese tourists travelled to Malaysia.
China is already Malaysia’s biggest export market and trading partner. But until recently, investment from China was meagre. The One Belt and One Road initiative is helping change that.
Malaysia is encouraging more joint ventures like this, and the nearby Kuantan port in which a China’s Guanxi-Beibu company has a 40 per cent stake. It is undergoing major expansion and upgrading.