ASEAN-HK FTA Can Maximise Potential Arising From China's Belt, Road Initiative

BEIJING, May 19 (Bernama) -- The ASEAN-Hong Kong Free Trade Agreement (AHKFTA), which is likely to be concluded this year, could lead to collaboration in the region, said Malaysia's International Trade and Industry Minister II, Ong Ka Chuan. It will also capitalise and maximise the potential and opportunities arising from China's Belt and Road initiative, he added. "Negotiations are ongoing and likely to be concluded and implemented by this year," he added. Ong is leading a trade and investment mission to Shenzhen and Hong Kong from May 16-19. He was also invited as a panelist at the just concluded Belt and Road Summit 2016 in Hong Kong. "Hong Kong is an important trade partner for Malaysia and has played a pivotal role in this region. In 2015, total trade with Hong Kong increased by 1.2 per cent to US$12.44 billion compared with 2014. "Hong Kong was Malaysia's ninth largest trading partner globally, sixth largest export destination and 14th largest source of imports," he said in a statement here Thursday. Ong said in terms of investment, as of December 31 last year, 441 manufacturing projects with participation from Hong Kong, were implemented with investments of US$1.79 billion. "These projects created 81,781 employment opportunities throughout Malaysia," he added. He also encouraged investors to consider Malaysia as their gateway to the ASEAN market and beyond, as the country is one of the largest economies within the regional grouping, and offers many strategic value propositions to them. "Malaysia's strategic geographical location, pragmatic, prudent and business-friendly policies and our well-developed infrastructure and connectivity are our key strengths," Ong said. During the mission, Ong and his delegation will have meetings with potential investors, alongside networking sessions with Malaysian diaspora. His visit is among Malaysia's continuous efforts at engaging with business communities worldwide and explain the opportunities and incentives provided by the government to foreign investors. During the Belt and Road Summit 2016, Ong was the panelist for the discussion on "Investment in Belt and Road Countries: Policymakers' Perspective". The panel discussion provided a bird's-eye view of the Belt and Road initiatives and how strategic government policies will bring mutual benefits regionally and globally. Ong also expressed Malaysia's wish to participate as an active partner in the Belt and Road initiative. Currently, Malaysia is also a founding member of the Asian Infrastructure Investment Bank (AIIB). "We believe there are vast opportunities in multitude sectors, namely transport, tourism, trade, ports, education and industrial development," he said. --BERNAMA