Malaysia signs $US7.22 billion of new deals in Beijing

Malaysia has signed a series of deals with China valued at $US7.22 billion while in Beijing for the Silk Road Summit.

Malaysia’s Prime Minister, Najib Razak, was among 29 heads of state and government who attended the summit, which saw a slew of new deals signed for the Belt and Road project.

The deals between Malaysia and China include a Joint Investment Framework agreement on the development of the Melaka Gateway; the Robotic Future City in Johor Baru; and a methanol and derivatives project in Tanjung Kidurong, Bintulu, Sarawak.

In addition, AirAsia will form a joint venture with China Everbright Group and Henan Government Working Group to establish a low-cost carrier (LCC) in China. AirAsia (China) will be based in Zhengzhou, the capital of Henan. It will also invest in aviation infrastructure, including a dedicated LCC terminal at Zhengzhou airport, and an aviation academy to train pilots, crew and engineers, as well as maintenance, repair and overhaul facilities to service aircraft.

China also committed to importing goods worth $US2 trillion over the next five years, investing up to $US150 billion in Malaysia, and offering 10,000 places for training and studies in China.