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China, Malaysia launch 1st joint industrial park

China, Malaysia launch 1st joint industrial park

Updated: 2012-04-01 23:02

(Xinhua)

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NANNING - China and Malaysia on Sunday launched their first joint industrial park in South China's Guangxi Zhuang autonomous region, pledging to further strengthen cooperation between the two nations.

The China-Malaysia Qinzhou Industrial Park will focus on the development of manufacturing, IT and service industries. The park will set a good example for economic cooperation between the two countries, Premier Wen Jiabao said at the park's opening ceremony.

The park will enjoy preferential policies created by the Chinese government for state-level economic and technological development zones, officials said.

The Qinzhou park is the third industrial park jointly developed by China and another country, with a similar park in East China's city of Suzhou and an eco-city industrial park in north China's port city of Tianjin.

Malaysian Prime Minister Najib Tun Razak also attended the ceremony, stating that the opening of the park will bring economic cooperation between the both countries to a new phase of development.

Statistics showed that bilateral trade between the two countries in 2011 reached $90 billion, making China as Malaysia's largest export market for the first time and maintaining its status as the Malaysia's biggest source of imports.

China's economic growth and reciprocal cooperation between the two nations have strongly driven Malaysia's development, Najib said during a meeting with Wen before the opening ceremony.

The two countries are also mulling the establishment of a joint industrial park in Malaysia.

"The Chinese government encourages Chinese enterprises to expand their investment in Malaysia," Wen said, adding that the two sides can study the feasibility of building a joint park in Malaysia.

Najib welcomed Chinese investment into Malaysia, adding he believes both sides will continue to make contributions to common development.

During their meeting before the opening ceremony, the two leaders "exchanged views on bilateral ties and other issues of concern in a friendly and in-depth way," according to a press release issued after the meeting.

Wen hailed the developmental momentum of China-Malaysia relations, citing deepened political trust, increased support on major issues and enhanced economic cooperation.

The Chinese leader said both countries should boost cooperation in the energy, transportation, finance, education and law enforcement sectors.

Wen said both countries should make more efforts to boost solidarity among east Asian nations in order to promote regional stability and prosperity.

Najib praised the development of bilateral ties during the 38 years since the establishment of diplomatic relations, adding that his government is willing to work with China to explore new areas for cooperation and deepen collaborations in trade, energy and transportation.