BRI key to Malaysia’s economic transformation, says Fadillah

Deputy prime minister Fadillah Yusof said Malaysia’s bilateral relations with China are based on a robust framework of trade and investment. (Bernama pic)

PETALING JAYA: Malaysia remains committed to reforming the economy while embracing innovation and sustainable development, says deputy prime minister Fadillah Yusof.

Delivering the keynote address at the Silk Road and Asian Civilisation Forum 2024 in Kuala Lumpur today, Fadillah said the Belt and Road Initiative (BRI) is central to the country’s economic transformation goals.

Apart from opportunities for collaboration between Malaysia and China in infrastructure development and connectivity, he hailed the BRI’s role in facilitating trade and people-to-people exchanges.

“By leveraging the synergies between our economies and harnessing the transformative power of the BRI, we can unlock new avenues of growth, create jobs, and improve the livelihoods of our people,” Bernama quoted him as saying.

The BRI is a vast collection of development and investment initiatives launched by China in 2013.

Among the BRI projects in Malaysia is the East Coast Rail Link (ECRL), a 665km RM50.3 billion rail network that connects the east coast and the west coast, namely Kota Bharu in Kelantan to Gombak, Selangor.

It is expected that travel time between these points will drop to four hours from the current seven-hour road journey, or more than 12 hours during festive seasons.

Partners in energy transition

Fadillah said Malaysia’s bilateral relations with China are based on a robust framework of trade and investment, noting that China has been Malaysia’s largest trading partner for 15 consecutive years.

Malaysia’s trade with China stood at RM450.84 billion in 2023, with imports making up RM258.63 billion of the sum.

Fadillah, who is also the energy transition and water transformation minister, said Malaysia and China are poised to lead the way in promoting renewable energy as both nations are committed to investing in solar, wind and hydroelectric power.

“Through collaborative efforts and knowledge-sharing initiatives, we aim to harness the vast potential of green energy to reduce greenhouse gas emissions, mitigate the adverse effects of climate change, and create a more sustainable future for our planet.

“By prioritising innovation and sustainable development in the energy sector, Malaysia and China are not only contributing to global efforts to combat climate change but are also unlocking new opportunities for economic growth and prosperity,” he said.