BEIJING: Malaysia is expecting more investments from China, particularly in the corridors along the East Coast Rail Line (ECRL), following an agreement inked between the Malaysian Investment Development Authority (MIDA) and China Communication Construction Company (CCCC).
Speaking to Malaysian media on Friday (Apr 26), Transport Minister Anthony Loke said the agreement stipulates the development of corridors along the ECRL.
“The agreement on the ECRL is already finalised. Yesterday’s agreement was about the development in the corridors along the ECRL,” he said, adding that the agreement would pave the way for more Chinese investments in Malaysia.
Mr Loke is in Beijing as part of Prime Minister Mahathir Mohamad’s delegation to the second Belt and Road Forum for International Cooperation, which was opened by President Xi Jinping on Friday.
The agreement between MIDA and CCCC inked on Thursday followed the conclusion of the bilateral meeting between Malaysia and China in Beijing.
Both Dr Mahathir and his Chinese counterpart Li Keqiang witnessed the signing of the agreement titled Enhancing Cooperation In The Development Of Industrial Parks, Infrastructure, Logistics Hub And Transit Oriented Development Pursuant to the ECRL Project.
After months of renegotiation, Malaysia Rail Link and CCCC recently signed an agreement to revive the once-abandoned ECRL project to link the west and east coast of Peninsular Malaysia.
Both parties also signed a supplementary agreement, which slashed the cost of the project to RM44 billion (US$10.6 billion) from RM65.5 billion.