Malaysia expects increased trading of cars and services under the Belt and Road Initiative as markets open up

Malaysia expects trading of cars and services to increase under the Belt and Road Initiative as markets open up, its trade minister and industrial experts said today.

“Belt and Road Initiative means free trade and integrating more than 60 countries (along the Belt and Road) into a free trade regime,” Ong Ka Chuan, Malaysia's second minister of international trade and industry, said on the sidelines of a forum held in INNOSPACE+. “We hope we can provide support to the Belt and Road Initiative.”

Ong also said the professional services sector is another area where international cooperation is needed.

“The opening up of the services sector compared to trading of goods is very slow because services deal with humans, and countries worry once they open up they take away the jobs of the local people,” Ong said. 

“Actually there is great room for cooperation because the expertise of China and other countries can complement each other. We can exchange talent in financial and professional services and work together to compete in the global market.”

Toi See Jong, CEO of Tokio Marine Life Insurance Malaysia, is leading a dozen of major Malaysian life insurers on a visit to INNOSPACE+, an entrepreneurship community and incubator, to learn about new development in Fintech and seek potential cooperation opportunities.

“China has led innovation in e-commerce and e-payment,” said Toi. “The insurance industry needs this innovation and learn from China so we can utilize it and bring it back to Malaysia,” Toi said.