Cetoex News – According to the nation’s Prime Minister, Anwar Ibrahim, China is set to invest $39 billion (170.07 billion ringgit) in Malaysia. Moreover, the investment will include the petrochemical and automotive industries, according to the Prime Minister in a statement made Tuesday.
The investment arrives following previous statements from Ibrahim regarding the reliance on the US dollar. Now, following his call to embrace China’s efforts to develop a new currency for trading, the investment in the nation has been announced.
Malaysia PM Announced Chinese Investment
The growing presence of China in the international economy has been a noted development. Now, following previous statements of the necessary abandonment of US dollar reliance, the Prime Minister of Malaysia has noted a massive investment from the country.
Specifically, Anwar Ibrahim stated that China is set to invest $39 billion (170.07 ringgit) in Malaysia. Subsequently, within the petrochemical and automotive industries, according to statements made by the Prime Minister today.
Anwar told parliament that Rongsheng Petrochemical Co. Ltd is set to invest 80 billion ringgit. Specifically, that investment is directed toward a refinery in Southern Malaysia. Additionally, automobile maker Geely is set to invest 2 billion ringgit at the outset. Eventually, raising that investment to 32 billion ringgit, according to Ibrahim.
Ibrahim had an official visit to China last week, according to Reuters, although he did not give a specific time frame regarding the investment. Conversely, the meeting also involved the US dollar reliance that Ibrahim denounced in previous statements.
NEWS BY – CETOEX NEWS