Want to receive the BRINK daily newsletter? The Belt and Road Initiative vision comprises two initiatives—the land-based Silk Road Economic Belt and the ocean-based Maritime Silk Road Initiative—and includes two routes stretching from China’s southeast ports and the South China Sea. for the Maritime Silk Road at the Boao Forum for Asia 2015—the Maritime Silk Road will establish ties between Malaysia and China’s Guangdong Province in the country’s southeast. There is other work underway to link the new port to major urban areas. By Jing Shuiyu and Qi Xin in Zhengzhou and He Wei in Shanghai | China Daily | Updated: 2017-04-24 07:31 . The contract value for the first phase of the deep-water port was set at $568 million and the next phases of the project will continue to expand the port by building new shipping berths, with a capacity of over 100 million tons per year. ASEAN will require up to $110 billion in infrastructure investment each year through 2025 to fully address the region’s infrastructure needs—specifically power, transport, ICT, and water and sanitation. Liow said Malaysia must take an optimistic approach and understand future strategic benefits of implementing the Belt and Road … The, of Melaka Gateway’s development aligns with the principles of the Belt and Road Initiative as strategized by China—“improving road connectivity, promoting unimpeded trade, enhancing monetary circulation, accelerating policy communication and increasing understanding and people-to-people relations.”, The Maritime Silk Road is a plan of global proportions that is, expected to impact 4.4 billion people across 65 countries, , and is expected to boost annual trade volume between China and other Belt and Road Initiative countries to, more than $2.5 trillion over the next decade. Malacca Gateway in the Southern part of Malaysia has been earmarked as a key port of call along the Belt and Road Initiative’s Maritime Silk Road. The creation of more employment opportunities as evident with the China-Europe Block Train is also one of the greatest benefits of OBOR. Bilateral trade between the two countries, which grew at 4.4 percent in 2016, is expected to continue expanding. Melaka Gateway was supposed to be one of the brightest jewels in China's Belt and Road crown and transform the southern region of peninsular Malaysia. Malaysia’s Transport Minister, Liow Tiong Lai, also indicated that Malaysia had looked into how it should prepare itself for developments relating to the Belt and Road Initiative, with the emphasis being on ports, railways and the aviation sector, and seaports in particular. Currently, the prospects of China’s ‘One Belt One Road Initiative’ (hereinafter referred to as OBOR) are dim. 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Mahathir cancels $23 billion worth of projects linked to China’s Belt and Road initiative and the 1MDB scandal, citing concerns for Malaysia's sovereignty. Hon. There is other work underway to link the new port to major urban areas. Malaysia Delegation Study Mission to China FinTech Innovation Spaces. .” Since the Maritime Silk Road passes through the Strait of Malacca, it is not surprising that the expansion of an international shipping port in Malacca is being planned such that it meets international standards. Hon. Prime Minister Najib Razak. One example of the multi-layered nature of these Chinese-led infrastructure projects is the. Consul General Hew Tse Hou. Malacca Gateway in the Southern part of Malaysia has been earmarked as a key port of call along the Belt and Road Initiative’s Maritime Silk Road. The new proposed trade route is expected to bring great economic growth opportunities to the region. The Belt and Road Initiative vision comprises two initiatives—the land-based Silk Road Economic Belt and the ocean-based Maritime Silk Road Initiative—and includes two routes stretching from China’s southeast ports and the South China Sea. The chief minister of Malacca, Idris Haron, acknowledged the urgency with which the state needs to build a new seaport terminal, and has said there is a lack of related facilities in Malacca at the moment, where more than 300,000 ships pass every year. Zhou Bo* … The strategic masterplan of Melaka Gateway’s development aligns with the principles of the Belt and Road Initiative as strategized by China—“improving road connectivity, promoting unimpeded trade, enhancing monetary circulation, accelerating policy communication and increasing understanding and people-to-people relations.”. Being a plurilateral arrangement, the Belt and Road initiative will bring mutual benefits to all participating countries. The Belt and Road Initiative can play a major role in helping Malaysia procure this amount of investment. Malaysia’s Transport Minister, Liow Tiong Lai, also. Moreover, Malaysia holds the Strait of Malacca, which can serve as China’s gateway to the ASEAN Economic Community. This anxiety is also known as the “. There are two parts to this, the belt and the road, and it’s a little confusing. ONE BELT, ONE ROAD: PLAN AND PROSPECTIVE BENEFITS 5. Liked what you read? Y1 - 2020/9/15. In the fall of 2013, President Xi Jinping of the People’s Republic of China (PRC) invoked the ancient Silk Road when announcing the One Belt, One Road (OBOR) initiative. The views expressed on BRINK are those of the individual contributors and not necessarily the views of Marsh & McLennan or any of its businesses. Malaysia Consulate General in Shanghai. T1 - One Belt, One Road, One Way? An article published in the Financial Times in July this year pointed out that 234 out of 1,674 Chinese-invested infrastructure projects announced in 66 Belt and Road countries since 2013 have encountered difficulties. Malaysia is no different—its infrastructure spending is expected to grow by 9 percent a year until 2025, and the government is aiming to attract $118 billion of local and foreign private-sector-led investment by 2020. Whether or not one calls it the new ‘Silk Road’ , ‘One Belt One Road’, the ‘Belt and Road Initiative’, or even just by its acronym–‘BRI’–there is little doubt five years after President Xi Jinping initially championed this ‘project of the Century’, that it has assumed enormous importance: Kevin Sneader: At one level, One Belt, One Road has the potential to be perhaps the world’s largest platform for regional collaboration. Will Europe and China’s Investment Agreement Amount to Anything? Malaysia is no different—its infrastructure spending is expected to grow by 9 percent a year until 2025, and the, government is aiming to attract $118 billion. Leaders will gather in Beijing next month to discuss the economic and strategic agenda, by which the two ends of Eurasia, as well as Africa and Oceania, are being more closely tied along two routes– one overland and one maritime. Chinese President Xi Jinping announced one of China’s most ambitious foreign policy and economic initiatives at the end of 2013. The overall infrastructure risk in Malaysia is among the lowest in the ASEAN region, just after Singapore. ASEAN, will require up to $110 billion in infrastructure investment each year through 2025, to fully address the region’s infrastructure needs—specifically power, transport, ICT, and water and sanitation. Chinese interest in Malaysia is already being witnessed in the form of the recent spate of investments by established Chinese businesses. BRINK’s daily newsletter offers new thinking on corporate risk and resilience. President Life Insurance Association of Malaysia. Philip Teoh is a partner and head of International Trade and Shipping at Azmi and Associates Malaysia. The belt is the physical road, which takes one from here all the way through Europe to somewhere up north in Scandinavia. What does that actually mean? It consists of six economic corridors, spanning across Asia, Europe and Africa. On the other side of the Strait, Chinese companies such as Tianjin Port and China Harbour Engineering have recently shown interest in financing the development of the Kuala Tanjung Port in Indonesia, situated close to the Strait of Malacca. The total investment of belt and road is around 1.4 trillion dollars. China’s One Belt One Road initiative would aid underdeveloped western regions including the Xinjiang region and Gansu province. OBOR has offered tremendous investment prospects to those countries along the land-based “Silk Road Economic Belt” and ocean-going “Maritime Silk Road”. Malaysia expected to benefit from One Belt One Road initiative, says Najib Thursday, 11 May 2017 05:27 PM MYT File picture shows Prime Minister Datuk Seri Najib Razak shaking hand with China President Xi Jingping at Diaoyutai State Guest House in Beijing, November 3, 2016. . The One-Belt One-Road regional economic expansion will shower abundant trade opportunities and development on Malaysia’s ports, railways and airports. Malaysia is better placed than most of its ASEAN neighbors to embrace the opportunities created by the surge of infrastructure development and trade deals that come with increased Chinese overseas investment and participation in these areas. Strategically located, Malaysia is no stranger to foreign direct investments in its seaports, some of which are among the busiest in the world. Malaysian Prime Minster Najib Razak will attend the Belt and Road Forum for International Cooperation held from May 14 to 15 in Beijing, together with other foreign leaders. Chinese interest in Malaysia is already being witnessed in the form of the recent spate of investments by established Chinese businesses. PY - 2020/9/15. It is said that the ultimate goal is to have an urbanization master plan designed to modernize Kribi’s roads and buildings. It is also expected to create opportunities for Malaysian businesses in various forms such as joint-ventures, technology transfers and direct investment. in 2016, is expected to continue expanding. These economic bonds will be further strengthened with Chinese president Xi Jinping’s efforts to enhance regional connectivity and maritime linkage through the Belt and Road Initiative. T2 - Where European Exporters Benefit from the New Silkroad. These economic bonds will be further strengthened with Chinese president Xi Jinping’s efforts to enhance regional connectivity and maritime linkage through the Belt and Road Initiative. More recently, in 2013, China’s Guangxi Beibu Gulf International Port Group. Container ships are lined up beside cranes along Westport near Port Klang, about 80 kilometers west of Kuala Lumpur. The Chinese initiated One Road One Belt (OBOR) may turn out to bring economic benefits, as promised by the initiators of this grand scheme. Minister of Transport China, H.E. The overall infrastructure risk in Malaysia. under President Donald Trump, and this can lead to a new wave of cooperation between Malaysia and China. , just after Singapore. On the other side of the Strait, Chinese companies such as Tianjin Port and China Harbour Engineering. Copyright ©2021. With the infrastructure development along the route, local businesses will be able to take advantage of, as well as leverage the connectivity that would be made available thanks to the initiative. AU - Seuren, Rosalie. from National University of Singapore in 1989 and is qualified to practice in Singapore and Malaysia. China insists that both the Maritime Silk Road and its investment in regional maritime infrastructure are just economically motivated. Malaysia’s attitude toward the Belt and Road Initiative has been generally positive. Minister of International Trade & Industry II Malaysia. Senior Fellow for Bruegel and Chief Economist for Asia Pacific at Natixis, President of Chicago Council on Global Affairs, Node Lead of Systems Analysis & Integration at The REMADE Institute, Distinguished Fellow at Asia Pacific Foundation of Canada, Partner of Financial Services at Oliver Wyman. N2 - We analyze the trade effects of a new unfolding transport infrastructure in connection with China's Belt and Road Initiative (BRI). China’s activism on the world stage comes at a time when America appears to be pursuing a more isolationist approach under President Donald Trump, and this can lead to a new wave of cooperation between Malaysia and China. “We already see this as an important initiative to benefit the world, and ASEAN in particular,” Lai said. https://www.iqiglobal.com/blog/how-belt-and-road-benefits-malaysia Some countries are opposed to it and that is understandable, but more than 70 countries are part of belt and road. He holds a Bachelor of Laws (Honours) from National University of Singapore in 1989 and is qualified to practice in Singapore and Malaysia. Design for Recycling: The Secret to Growing a Circular Economy, How Asia Can Unleash Private Investment for Its Infrastructure, A Hot Opportunity: Four Trillion Reasons to Accelerate the Energy Transition. He has more than 26 years of experience in the shipping & transport, admiralty, insurance and international trade businesses. It is said that the ultimate goal is to have an urbanization master plan designed to modernize Kribi’s roads and buildings. Malaysia has been China’s largest trading partner in the ASEAN region since 2008, and it is its third biggest Asian trading partner after Japan and South Korea. Malaysia’s attitude toward the Belt and Road Initiative has been generally positive. One Belt One Road (OBOR) is arguably one of the largest development plans in modern history. AU - Mau, Karsten. New thinking on corporate risk and resilience in the global economy—every weekday. plans to set up a regional distribution hub in Malaysia. in Malaysia’s Kuantan Port Consortium from construction group IJM Group for a total of $102 million. Speakers. This anxiety is also known as the “Malacca Dilemma.” Since the Maritime Silk Road passes through the Strait of Malacca, it is not surprising that the expansion of an international shipping port in Malacca is being planned such that it meets international standards. that Malaysia had looked into how it should prepare itself for developments relating to the Belt and Road Initiative, with the emphasis being on ports, railways and the aviation sector, and seaports in particular. Malaysia was one of the most prominent skeptics of China’s Belt-and-Road investments last year. Under its Silk Road Economic Belt and the 21st-Century Maritime Silk Road (commonly known as the “One Belt, One Road” initiative) China has sought to build a network of infrastructure projects across Eurasia to encourage trade. Reasons You Should Buy Your First House Now! Chinese loans would kick start the construction of the infrastructure projects. Moreover, the wider Southeast Asia is faced with a dearth of financing required for infrastructure development. KOTA KINABALU: Sabah is supportive of the One Belt One Road project pioneered by China in further driving the state’s economic growth. CHINA’s “one-belt-one-road” economic development and cooperation initiative is the latest buzz word among businessmen and diplomats. Owing to these factors, Malaysia stands to benefit from the Belt and Road Initiative. Malaysian Perspective – China’s One Belt One Road and Made in China 2025 One Belt One Road (OBOR) PREFACE In the previous article, we discussed the objectives and benefits of OBOR and MIC. More recently, in 2013, China’s Guangxi Beibu Gulf International Port Group bought a 40 percent stake in Malaysia’s Kuantan Port Consortium from construction group IJM Group for a total of $102 million. Malaysia is better placed than most of its ASEAN neighbors to embrace the opportunities created by the surge of infrastructure development and trade deals that come with increased Chinese overseas investment and participation in these areas. The contract value for the first phase of the deep-water port was set at $568 million and the next phases of the project will continue to expand the port by building new shipping berths, with a capacity of over 100 million tons per year. As early as 2000, Maersk-SeaLand had bought 30 percent of the Port of Tanjung Pelepas. All rights reserved. Partner and Head of International Trade and Shipping at Azmi and Associates Malaysia. For more than two decades, Malaysia has viewed China as an essential engine of economic growth, an approach that is continuing with its involvement in the One Belt, One Road initiative. With Belt and Road it is expected to increase further in the coming decade. This will also boost opportunities for Malaysian businesses that are ready to grasp opportunities emanating from the evolution of relations between the two countries. For example, Alibaba. Strategically located, Malaysia is no stranger to foreign direct investments in its seaports, some of which are among the busiest in the world.
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