Malaysian entrepreneurs need to explore huge business potential offered by China while contributing to the nation’s gross domestic product (GDP).

Minister in the Prime Minister’s Department Datuk Seri Wee Ka Siong said since China is Malaysia’s largest trading partner, it is important to enhance trade and business cooperation between both countries.

He cited seven core areas, which Malaysian entrepreneurs should tap into through business matching, as property and construction, agriculture, technology, services, manufacturing, halal product, and healthcare.

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“This is a huge opportunity for our local entrepreneurs in the era of globalisation and Industry 4.0 (fourth industrial revolution).

“It’s easier to do business with China, which has similarities with us in terms of culture and language.

“With the participation of Malaysia in the Belt Road Initiative, Malaysia will see more international trade being conducted in this region,” he told reporters after launching the 7th Malaysia-China Entrepreneur Conference (MCEC) here today.

An annual event since 2011, the MCEC is a platform for business representatives to share on the principle of wide consultation, joint contribution, joint development and shared benefits from enterprises.

China continues to be Malaysia’s largest trading partner for the eighth consecutive year since 2009. In 2016, Malaysia’s trade with China increased 4.4 per cent to RM240.91 billion.

With the launch the Digital Free Trade Zone (DFTZ), Wee said it would facilitate small and medium enterprises in capitalising on the convergence of exponential growth of the Internet economy and cross-border eCommerce activities.

“If Malaysian companies are less competitive, we will be left out. At the same time, we too have to create our own talents and expertise as we cannot rely on foreign workers,” he added.

Furthermore, Wee said the DFTZ would boost Malaysia’s eCommerce roadmap that was introduced in 2016 with the aim of doubling the nation’s eCommerce growth and increase the GDP contribution to RM211 billion by 2020.

“For example, a Malaysian entrepreneur will set up a company in China selling Musang King durian ice cream. When China sees opportunities, they want Malaysian companies to come into their country, so they want to invest ,” he added.

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This article was first published by Bernama on BorneoPost Online