China's Silk Road Initiative 'offers vast opportunities'

Liow Tiong Lai, the Malaysian Minister of Transport, gives an interview to China Daily on the sidelines of the Bo'ao Forum for Asia in London, Nov 10, 2015. [Photo by Karen Kwok/chinadaily.com.cn]

China's One Belt One Road Initiative offers vast opportunities, said Liow Tiong Lai, the Malaysian Minister of Transport, adding that the initiative is about what Malaysia can offer to China as much as about what China can offer in return.

"It is a win-win situation and we can create the kind of situation that we have a lot of projects and activities where we can work together. We are prepared to offer our opportunities in Malaysia and welcome China to invest here," Lai told China Daily.

He was speaking on the sidelines of the Bo'ao Forum for Asia event being held in London.

Lai said there are many opportunities in his country in infrastructure, railroads, airports, economic corridor development, property and township development, which all need China's support.

The two countries already have many established areas of cooperation, especially in the maritime sector. Two Sino-Malaysia industrial parks have been set up, the Malaysia-based Kuantan China industrial park and the Qinzhou industrial park in China.

According to the minister, these industrial parks have made a tremendous impact on Malaysia's economy.

"For the one in Kuantan, we created a deep sea port, for which China invested 40 percent of the equity. We also have another port in Malacca, working with China's Guangdong province," Lai said.

"More importantly we are forming a port alliance with China. We are building some of the fastest growing ports in Malaysia and China has the top 10 world ports, so we work together," said Lai, adding that this port alliance typifies the One Belt One Road initiative in China and has brought benefits.

Future development between the two countries will be more than infrastructure development, Lai said. The two nations also talk about what he called 'WuTong' -- composed of five areas which include policy coordination, facilities connectivity, trade facilitation, financial integration and people-to-people exchanges. Malaysia is considered one of the first few countries to achieve results in all five areas.

Currently, Malaysia is working with Singapore to build a high speed rail link between Singapore and Kuala Lumpur.

Lai said: "We are in the midst of finalising the detail and we will open up for international tender, and hope China can come in strongly to support this initiative."

To contact the reporter: wangmingjie@mail.chinadailyuk.com