16-11-2024 (LIMA) Malaysian Prime Minister Anwar Ibrahim has announced full governmental support for Hong Kong’s new economic and trade office (HKETO) in Kuala Lumpur, marking a significant step forward in bilateral relations between the two Asian economic powerhouses.
Speaking to journalists following talks with Hong Kong’s Chief Executive John Lee Ka-Chiu at the Asia-Pacific Economic Cooperation (Apec) summit in Lima, Peru, Ibrahim outlined ambitious plans for collaboration across multiple sectors, including semiconductors, information technology, and financial services.
The establishment of HKETO, first proposed during Ibrahim’s meeting with Lee in Putrajaya last July, represents a strategic move to strengthen the already robust economic partnership between Malaysia and the Hong Kong Special Administrative Region (HKSAR).
“This office will serve as a catalyst for enhanced cooperation and mutual growth,” Ibrahim stated, adding that Hong Kong has extended an invitation for Malaysia to explore its transportation technology advances and participate in its science park development initiatives.
The timing of this development is particularly significant as it coincides with the 50th anniversary of Malaysia-China diplomatic relations. Trade figures underscore the importance of this partnership, with bilateral trade reaching RM105.09 billion in 2023. Malaysian exports to Hong Kong stood at RM89.84 billion, while imports totalled RM15.25 billion, resulting in a substantial trade surplus for Malaysia.
Dr. Ahmad Rahman, a senior economist at the Malaysian Institute of Economic Research, noted: “This new office positions Malaysia to capitalise on Hong Kong’s role as a gateway to mainland China while strengthening our position as a key Southeast Asian hub.”
The collaboration scope extends beyond traditional trade, encompassing education, tourism, and people-to-people exchanges. Foreign Minister Mohamad Hasan, who was present at the bilateral meeting, emphasised that the initiative would create new opportunities for Malaysian businesses seeking to expand into the Greater China market.
The establishment of HKETO in Kuala Lumpur is expected to streamline business processes and facilitate increased investment flows between the two regions, further cementing Malaysia’s position as a strategic partner in Hong Kong’s regional economic network.
