Sabah offers opportunities crucial to Malaysia–China Summit 

KUCHING: The Malaysia-China Summit 2024 (MCS 2024) scheduled for December is expected to see Sabah playing a crucial role in fostering ties between the two nations.

The hosting of the summit in Kuala Lumpur was officially announced on Wednesday (July 3) at a networking engagement session held at Shangri-La’s Tanjung Aru Resort in Sabah.

The event, organised by the Malaysian External Trade Development Corporation (Matrade), aims to strengthen economic and cultural ties between Malaysia and China as the two nations mark the 50th anniversary of their diplomatic relations.

Matrade BoD member, Datuk Mohammad Medan Abdullah highlighted the significance of MCS 2024, scheduled for December 17-19, at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur.

“The summit, jointly organised by Matrade and Qube Integrated Malaysia Sdn Bhd, is set to be the largest multi-sectoral trade showcase, with over 500 exhibitors and 10,000 delegates expected to participate,” he said.

Medan emphasised the strategic importance of Sabah, noting that its abundant resources and diverse culture position it as a key player on the global stage.

“I would like to highlight the strategic importance of Sabah in the broader context of Malaysia-China relations. As a vibrant economic hub on the island of Borneo, Sabah offers unique opportunities that  are crucial to the success of the Malaysia – China Summit 2024.

“Your  support and participation in this summit highlights Sabah’s integral  role in our nation’s economic relationship with China.

The contributions of Sabah businesses to the national economy have been acknowledged, highlighting the state’s abundant resources and diverse culture.

Participation in the upcoming summit, he added, will enable Sabah businesses to stand out on the global stage, showcasing their innovation and sustainability in sectors ranging from agriculture to technology.

The involvement of Sabah companies is expected to bring unique perspectives essential for the diversification and resilience of trade relationships, said Medan.

Their innovative solutions and sustainable practices are highly valued in international markets, especially by China, a key trade partner.

“Sabah companies are encouraged to participate in MCS 2024, which will feature an International Sourcing Programme renowned for effective business matching and buyer engagements.

“By engaging in these programmes, Sabah businesses can leverage their presence and maximise trade collaborations.”

He said engaging with the summit provides an opportunity to forge new partnerships, tap into cutting-edge technologies, and attract investments that can catalyse growth and expansion.

This involvement is more than just participation — it positions businesses at the forefront of regional economic development, leveraging the strong ties between Malaysia and China.

Participation in MCS 2024 will not only contribute to Sabah’s economic narrative but also ensure that Sabah plays a pivotal role in the evolving dynamics of Asean and China relations, he said..

“Together, let us seize this opportunity to demonstrate the strength and potential of Sabah on the world stage, securing our position within this prosperous partnership with China.”

Despite global economic challenges, China has remained Malaysia’s largest trading partner and primary source of imports.

From January to May 2024, total trade between Malaysia and China amounted to RM192.99 billion, reflecting a 7.4 per cent increase compared to the same period last year.

“During this period, Malaysia’s exports to China were recorded at RM74.33  billion with electrical and electronic (E&E) products being the biggest exports sharing 32.4 per cent of our total exports to China.

“Imports were valued at RM118.66  billion comprising mainly E&E products, machinery, equipment and parts, as well as chemicals and chemical products,” he said.

Sabah, in particular, has seen continued growth in its exports to China, amounting to RM2.34 billion from January to April 2024.

The Malaysia-China Summit 2024 represents a significant milestone in the bilateral relationship, offering numerous opportunities for economic growth and collaboration.

He expressed confidence in the success of MCS 2024 and urged robust participation from Sabah companies, highlighting the potential for unlocking RM2 billion in trade and investment.