ECER woos China investors

11-09-2008: ECER woos China investors

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KUALA LUMPUR: The East Coast Economic Region Development Council (ECER DC) will brief a visiting Chinese delegation from Guangdong province next week on trade and investment in the East Coast states of Kelantan, Terengganu, Pahang and Mersing in Johor.

In a statement, ECER Secretariat said the Chinese trade delegation would comprise high-level government officials and more than 500 entrepreneurs.

The briefing is one of several activities organised by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) in conjunction with the 2008 China (Guangdong)–Malaysia Business conference, which will be held on Sept 12.

ECER Secretariat said investments overseas by Chinese companies stood at US$25.7 billion (RM88.15 billion) in the first half of 2008.

The National Development and Reform Commission of China said Chinese firms invested US$18.7 billion abroad in 2007, an increase of 6.3% from a year earlier.

ECER Secretariat said spending overseas also helped to reduce the excess of cash in the country’s financial system from trade, foreign direct investment and inflows of money from investors betting on gains in the Chinese yuan currency. China’s foreign-exchange reserves, the world’s largest, soared 36% to US$1.81 trillion as of June 30 from a year earlier.

It said the ECER initiative spanned over five main industry clusters — manufacturing; oil, gas and petrochemical; agriculture; tourism and education.

The Edge Daily