Posted on 04 Nov 2011
Asean should harness its existing relationship with China to strengthen its foothold in various business areas, said Star Publications (M) Bhd chairman Tan Sri Dr Fong Chan Onn.
Fong said Asean was sitting on vital resources like oil and gas; thus it should develop a petrochemical complex to supply upstream products to China.
“For example, 13.6 million barrels of oil passed through the Straits of Malacca per day and this gives Malaysia as well as the region an advantage in the oil and gas market,” he said at a panel discussion on “China Rises, Asean and East Asia Benefits: How China's Growth Is Impacting The Region” at the 3rd World Chinese Economic Forum.
Fong: Asean could supply rubber and palm oil to China’s automobile and oleochemical industries.
Fong added that Asean could supply rubber and palm oil to China's automobile and oleochemical industries, noting that China was the world's largest automobile maker, producing 18 million cars last year.
He said Malaysia could also capitalise on China's position as the leading producer of solar panels.
He noted that Malaysia had extensive resources in solar energy and by partnering with China, it could become a major producer of solar panels.
Fong also believed that the trend of going to China for medical tourism should be reversed.
He said Asean was now the world's medical tourism hub and having specialised, affordable and attractive medical services, it should lure more Chinese instead.
Meanwhile, China National Committee for Pacific Economic Cooperation executive vice-chairman Zou Mingrong said China's economic development was a stabiliser, a booster and an accelerator of the Asia-Pacific economy.
He said its rapid, sustained, coordinated and sound economic growth had brought enormous development opportunities to the region.
Earlier at a special luncheon address on “Malaysia: The Investment Hub for the Region”, International Trade and Industry Minister Datuk Sri Mustapa Mohamed said he was confident that Malaysia-China bilateral investment imbalance could be narrowed soon if Malaysia continued to engage Chinese enterprises not only from big cities like Shanghai and Beijing but also from second and third-tier cities like Chengdu and Nanning.
“Malaysia will also make good use of its close contact with major Chinese banks to assist in developing this country as an investment hub for Asean,'' he noted.
