Muhyiddin: Malaysia plays host to Chinese business leaders worldwide

MELBOURNE, Nov 12 — Malaysia is playing host to a lot of Chinese business leaders from many parts of the world, including from China, Indonesia, the United States, Singapore and Australia to do business not only with Malaysian Chinese but with all Malaysians who understand Chinese business ethics and values. Deputy Prime Minister Tan Sri Muhyiddin Yassin said many of these businesses use Malaysia as a platform to launch their products and services into other English-speaking markets, India and the Middle East because of Malaysia’s multilingual population and cultural connections with many parts of the world. In his keynote address at the 4th World Chinese Economic Forum (WCEF) here today, Muhyiddin said Malaysia was blessed with 24 per cent or seven million Malaysians who are ethnic Chinese and they could speak Mandarin, Hokkien, Cantonese, Hakka, Teochew, Fuchow and many other dialects. He said Malaysia was the only country outside China with a complete Mandarin education system available to its population and there were also many Malaysian of non-Chinese background who study in Mandarin schools, which avail Malaysia a good link with the Chinese world of some 50 million overseas Chinese and over 1.3 billion Chinese nationals. “Apart from the ability to converse and understand, there are many extensive business connections in trade and investment as a result of the substantial Chinese population in Malaysia,” he said. Citing the example of Robert Kuok as one of the most famous Malaysians who business empire spans beyond Southeast Asia and China, Muhyiddin said Kuok was just one of the thousands of Malaysian Chinese who has succeeded in Malaysia and went on to build businesses overseas. Recalling the 2008 financial crisis, Muhyiddin said two groups of business community seemed to be better insulated against the financial manipulation and one of them was the Chinese or Overseas Chinese-led business entities apart from those in halal business. He told the forum, first time being held outsite Malaysia, that it was an advantage to have a strong link with the Overseas Chinese all over the world. Most people look at Overseas Chinese as the link to China but missed the equally important link between the Overseas Chinese in other countries, he said, adding that this importance was most prominent among Asean countries, home to over 60 per cent of the Overseas Chinese population. “Our histories have shown that even before formal state relationships are established, trade among the Overseas Chinese population are already thriving in all instances. “In the old days, any Chinese who is new to a place can walk into any Chinatown and get help in finding shelter, job and even access to credit. “In this modern day and age, people don’t walk into Chinatowns searching for jobs anymore. Instead, they walk into one of the many Chinese Chamber of Commerce looking for business contacts and opportunities,” he said. Muhyiddin said “trust” was a bank-able trait, especially the trust among Chinese businesses, and it was well-known that a handshake between two Chinese businessmen was as good as a co-contract. “Trustworthy will be welcomed, a rich man with questionable integrity will be shunned. “The wonderful thing about this trustworthiness is, it transcends national boundaries,” he said, adding that a Chinese businessman in mainland China and an Overseas Chinese businessman from anywhere in the world would share the same values in business and trade. Muhyiddin said Australia, which is geographically close to Asean and China, and has a substantial population of Australian Chinese, was naturally well positioned to grow together with Asean and China. “We have different natural resources, skills, technologies and of course wealth. Trade and investment amongst us will allocate the resources to where it is needed most at prices that are competitive,” he said. Muhyiddin said the best way to do this was to work with an Australian partner. “Once you get the business up and running, then look towards Asean and China to market your offerings and from there to the rest of the world.” He said there were many framework for cooperations from bilaterals to multilaterals to get engaged with. “The framework for cooperations are already there. What we need now is to make use of the provisions and take advantage of the concessions available.” Recognising China as a forceful economic powerhouse, Muhyiddin proposed to look beyond China’s Tier One cities such as Beijing and Shanghai, which were maturing fast, as there were more than 80 cities in China, with a population of at least a million people. “These cities will surely present greater business opportunities with good purchasing power. “Although the demographic components of these cities differ from one another, I am certain that the Chinese business community worldwide will be able to serve each market with its specific needs and wants.” Muhyiddin said the Malaysian business community could also explore the untapped Chinese hinterland markets, especially in tourism and halal industries. Recent statistics showed Malaysia’s halal exports accounted for 5.1 per cent of its total global export, he said. “I believe that the country’s huge halal industry is able to cater to the 20 million Muslims in China. “Strategic alliances with provinces such as Xinjiang, Gansu and Ningxia will also allow us to not only penetrate these big halal markets but also those in Muslim-majority countries neighbouring China.” At the forum hosted by the Asian Strategy and Leadership Institute, Muhyiddin was conferred the Patron’s Special Award “Benevolence” for his support to the Chinese community. — Bernama Sourced: themalaysianinsider