KUALA LUMPUR, Dec 9 (Sin Chew Daily) — Bilateral trade between Malaysia and China has crossed the US$100 billion mark this year despite the impact from the COVID-19 pandemic.

Federation of Chinese Associations Malaysia (Huazong) president Tan Sri Goh Tian Chuan said bilateral trade volume was expected to increase further next year when the situation improves.

Bilateral trade between China and Malaysia averages US$100 billion each year.

Goh said during the 3rd Central Region Substation Equipment Industry Summit and the International Forum of One Belt One Road Substation Facilities held online in Chongren county in China's Jiangxi Province, that Malaysia is one of the Asean countries which established diplomatic ties with China at an early stage.

Both countries have enjoyed close trade links as well as interactions among their people for the past 46 years.

Goh said through the Chinese government's policy of offering incentives to companies venturing out of China, he hoped to see players in the substation equipment industry to set up plants in Malaysia as a based in the Asean region.

Globalization, multilateralism and the One Belt One Road initiative have brought countries in the world closer, he said, adding that the substation equipment industry chain grew faster as a result of that.

The substation equipment industry in China has been vastly popular among other countries because of its standard and quality.

Goh said the demand for power supply and equipment expanded rapidly throughout the world.

Malaysia has a lot to learn from China in the power generation industry as the country is offering a wide range of substation equipment of international standards, said Goh.

A total of 300 people representing various governments, Chinese communities and professionals joined the online summit.