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GLCs Urged To Tap Business Opportunities In China

News From : DagangHalal.com (09 Sep 2010)

BEIJING, 9 SEPTEMBER, 2010: Malaysian ambassador to China, Datuk Iskandar Sarudin, has urged government-linked companies (GLCs) to tap business opportunities in China as part of their global expansion strategy.

He said the GLCs and state government agencies had to be in the forefront of the push because they had the strength.

“China is important to Malaysia in many fields. There are ample opportunities and we should grab them to benefit from China’s growing prosperity,” the newly-appointed ambassador told Bernama in an interview.

Iskandar said his priority here would be to promote trade and investments.

“China has been picking up momentum while other economies are still in the midst of recovery from the global economic slowdown. This is the right time for our GLCs to come in,” he said.

He said about 70 percent of the businesses in China were state-owned and the businessmen must know the culture and business practices to survive.

“When we do business with China, we are actually doing business with the government. Also they take ‘guanxi’ (relationship) seriously,” he said.

Iskandar said business opportunities existed in the provinces and autonomous regions like Ningxia and Xinjiang which had large Muslim populations.

“Don’t forget, we are the hub for halal food in South-East Asia and we have the expertise in this. Some Malaysian firms have invested in the halal food industries in China.

“Now it is the time to go one step further by selling our services in halal food certification. Malaysian halal certification is internationally-recognised and this service can be of help to the Chinese industries,” he said.

He expected more investments from China to flow into the capital market, especially the stock exchange following the signing of the agreement between the Securities Commission Malaysia and the China Banking Regulatory Commission in June.

The five development corridors will also be of interest to the Chinese investors, he said.

On the Malaysian business community in China, he said they should help each other by sharing experience and information.

“There are many things to learn when you are doing business here.

“It is my hope that they are united and network through the Malaysian Chamber of Commerce and Industry in China (Maycham).

“Maycham is ready to help the newcomers by organising seminars, workshops and visits,” he said.

– Bernama

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