Malaysian Prime Minister Najib paid an official visit to China from 31 October to 6 November. This was Najib’s third visit to China since he took office as Prime Minister in 2009. Before his official visit to China, Najib told Xinhua News Agency in a written interview that China is Malaysia’s true friend and strategic partner, and that he will commit himself to the advancement of China-Malaysia relations.
China has been Malaysia largest trading partner for the past 7 years. According to Malaysia’s statistics, the volume of trade between the two countries amounted to USD 97.41 billion in 2015. Bilateral trade between Malaysia and China makes up 20% of the total trade between China and ASEAN. In the investment sector, both Malaysia and China are important partners to each other, and there is still a lot of room for growth. According to Malaysia’s statistics, as of the end of 2015, Malaysia invested USD 7.4 billion in total in China, while China invested a total of USD 2.7 billion in Malaysia. The Belt and Road initiative will bring about a new wave of investment in Malaysia. Data from China’s Ministry of Commerce shows that in 2015, Chinese companies had a direct investment of over USD 400 million in Malaysia with a growth of 237%. In the first nine months of 2016, China’s direct investments in Malaysia already exceeded USD 500 million, achieving a record high.
First Think Tank interviewed the Chief Representative of Anbound (Malaysia), Dr. Edward Foo, on the economic development in Malaysia over the next two years, relations between Malaysia and China, the 2017 General Elections in Malaysia, issues related to Islam, and the topic of Chinese companies investing in Malaysia.
Dr. Foo pointed out that the rate of Malaysia’s economic growth has remained above 4%, and it was at its slowest since the third quarter of 2009 in the second quarter of 2016. Malaysia will appropriately abandon its policy on the continued expansion of exports and instead work on attracting more foreign investment to promote economic development. Compared to other South East Asian countries, Malaysia’s real estate is still relatively cheap, and in reality, there is still a lot of room for growth. Developers from China normally congregate in a few hot spots, perhaps due to an inadequate understanding of the local situation, and still do not have the opportunity to move to more remote areas that have great potential for development.
Dr. Foo is of the opinion that if Najib wins the next elections, Malaysia will implement more open economic policies and develop better relations with China in the areas of diplomacy, investment, and tourism, among others. When Najib first took office, he implemented the ‘1 Malaysia’ policy; Chinese voters returned and conservative forces withdrew from the party, helping to curb the trend of Islamisation. The relationship between Malaysia and China is a complementary one, and Chinese companies can play a significant role in it by developing the manufacturing and service industries in the suburbs and semi-urban areas, thereby increasing the employment opportunities for Muslims in these areas and reducing religious conservatism.
Dr. Foo suggests that Chinese companies need to act in concert with the local companies run by ethnic Chinese in their foreign investments, while increasing cooperation with the natives of the country. Chinese companies and investors must be attentive to the employment needs of the ethnic Malays living in rural areas when bidding for or injecting capital into investment projects that build infrastructure and new industries. Regardless of whether it is the automation of the manufacturing industry, or the expansion of the service industry, the ethnic Chinese will face challenges in procuring funds, and the most practical solution to this problem would be to get funding from China.
The following is a record of the interview.
First Think Tank: What is the current state of Malaysia’s economy?
Dr. Foo: Malaysia’s economic growth has always been above 4%, and it was at its slowest since the third quarter of 2009 in the second quarter of 2016. In terms of domestic demand, individual consumption has been the key to promoting Malaysia’s economic development, and this demand has always been maintained at a constant level. The increase of consumption and investment by the public sector increased substantially in the second quarter of 2016 because, in order to curry favour during the Sarawak state elections and the parliamentary by-elections, the government handed out quite a number of infrastructure projects. These electoral districts were all in rural or suburban areas and were thus in great need of more infrastructures. Other than these projects in the electoral districts, the government also launched the Mass Rapid Transit (MRT) Line 2 project in Kuala Lumpur, and these political moves directly contributed to the increase in public investment. In fact, starting from the second quarter, the government had already rebooted the way it awarded and planned project contracts. These efforts are also in preparation for the upcoming national elections, not just for the two elections mentioned above. In my opinion, because individual consumption is still on a steady rise, the projects implemented by the government are also spurring the growth of public investment. At least in the next two years, the growth of Malaysia’s domestic demand will remain at 5%.
In terms of foreign trade, starting from 2015, international crude oil and commodity prices experienced a sharp decline, and the global economic environment became more uncertain. All of this caused a downturn in Malaysia’s performance in foreign trade. However, the main cause of this downturn is the fact that the trade performances of China and Singapore, Malaysia’s largest and second largest trading partners, have been lower than market expectations. I can be sure that Malaysia’s net export value in the next few years will maintain at a slow growth rate or even experience negative growth. Due to the ringgit becoming softer, the inability of commodity prices to recover considerably, and the promotion of infrastructure contracts, the import of machinery and other capital goods will offset the advantages of export.
In terms of supply, the service and manufacturing industries have been maintained at a constant level all along. The main problems arise in mining and agriculture, where the former is affected by crude oil prices and the latter is impacted by the prices of palm oil and other commodities. Their growth performance has been poorer than market expectations.
Once again, the construction industry is showing trends of high growth. This is partly due to the government’s contracts, but it is also due to the real estate market. It is worth noting that the real estate market experienced an alarming growth after issuing government contracts for one quarter, and even when there was a downturn in the economy, the growth was still maintained. Malaysia’s largest trading partners are China, Singapore, and the EU. In terms of imports, China is the largest origin, followed by Singapore, and then the EU. In terms of exports, Singapore is the largest export region, followed by China and the USA. In terms of the economic performance of each state in Malaysia, the 5 states/Federal Territories with the largest economic contributions in decreasing order are Selangor, Kuala Lumpur, Sarawak, Johor, and Sabah. The states with the highest GDP per capita are Kuala Lumpur, Penang, Sarawak, and Selangor. Although Sabah is the region with the 5th largest economic contribution, its GDP per capita is third from the last. This is mainly due to population explosion.
The latest data shows that the unemployment rate in Malaysia is 3.5%, a relatively high rate for the country. In comparison with other countries, however, this is still a rather healthy rate of unemployment. Because Malaysia does not have unemployment assistance and other systems in place, data on the unemployment rate had to be collected via survey sampling. There is a high probability that the data does not reflect reality, even more so because this data is a combination of all the data collected from urban and rural areas; if we were only talking about data from the cities or urban areas, the rate could be higher. Recently, the Malaysian government suggested the implementation of a policy of unemployment welfare. Under this policy, people need only pay over 12 months of funds to receive 6 months of unemployment benefits if and when they become unemployed. The amount they will receive in benefits will be half of their latest salary. Perhaps only after this policy is introduced will we have a better idea of the real unemployment rate.
According to the latest data, Malaysia’s inflation rate is rising by 1.5% every year. In the 12 months after the implementation of the Goods and Services Tax (GST) in April 2015, the rate of inflation mainly hovered around 3-4%. Since May 2016, after the effects of the GST had worn off, the inflation rate dropped to less than 2% again. At that time, the food-related inflation rate was as high as 3.5%, and non-food related core inflation was 0.6%. Food and beverages make up 33% or 1/3 of Malaysia’s inflation rate. Actually, a lot of the food items included in the calculations are price-controlled products, that is, the prices of these products are regulated by the government and cannot be adjusted arbitrarily. Therefore, it is not easy to determine the food inflation rate. Accommodation, water and electricity, gas, and fuel also made up 23.8% of the inflation rate. The prices of housing, electricity, and water are fixed, and the government will take at least half a year or more to make adjustments to it. As for gas and fuel, there is not much room for an increase in prices. The third largest contributor to inflation is transportation, which contributed to 13.7% of inflation. This time around, the rate of inflation will fluctuate due to monthly adjustments of petrol prices, but the monthly margin of fluctuation should not be too significant. In reality, however, looking at today’s urban areas, one would find it hard to believe that the inflation rate is only around 1.5%. After all, in urban areas, 70% of one’s income will not be spent on the abovementioned commodities; rather, it will be spent on restaurants, communications, and clothing, and yet all of this only makes up less than 10% of the total expenditure. Therefore, if the data from the rural and urban areas were to be combined, it can be found that the inflation rate in urban areas is as high as 3-4%. In Malaysia, where already more than 70% has been urbanised, if the proportion of the inflation rate is measured in the same way as low to middle income developing countries measure theirs, it will not most probably not reflect the current situation.
In terms of finance, Malaysia has had a budget deficit all along. The government is aiming to achieve a balanced budget by the year 2020, but at the current rate of progress, this will be challenging. Currently, the government’s source of income is dwindling, and yet it is not reducing its expenditure. Under such circumstances, the government is definitely trying to attract foreign investment, and the government will allow foreign investors to be stakeholders, especially in the resources it controls. On one hand, investment driven by foreign funds, especially in projects and the release of government resources, can bring in a one-time income for the government. On the other hand, more foreign investment will also generate more tax revenue for the government. Furthermore, the injection of foreign capital can also create more employment opportunities and increase the income of local workers, and revenue from personal income tax will thus also increase. Thus, the aid needed to be provided by the government will also decrease eventually.
On Malaysia’s economic performance and its relations with China in the next two years, I have several opinions:
The economic transformation plans previously introduced by the government were all for the country’s economic development being driven by the private sector. However, this does not mean that the government will no longer launch large-scale construction projects; rather, it means that the projects launched by the government will be handed to the private sector. With the government giving out more projects in the future, not only will the public sector’s investment increase, so will the private sector’s.
In my opinion, as an economy that mainly depends on export, Malaysia will appropriately stop its policy of continued export expansion and instead focus on attracting more foreign investment to promote the development of the country’s economy. However, the reform of products and the economic structure will take up quite some time. To see more short-term effects, the government should focus on attracting more foreign investment in the construction industry. For developers and investors in China, this is an opportunity. Currently we can already see the success of Sino Haijing Holdings Limited, China Railway Engineering Corporation, Greenland Holdings, Country Garden, Agile Property etc.
The service and manufacturing industries are the main income generators in the country, so I don’t think that they’ll undergo many changes. Not all of the resistance will be coming from the government, however; most of it will be coming from the private sector, especially from Small and Medium Enterprises (SMEs). The SMEs in Malaysia, especially those in the manufacturing sector, still have many labour-intensive industries, and some are even original equipment manufacturers (OEMs). These companies can still make a profit by employing large numbers of foreign workers, but currently, the furniture industry is facing a severe lack of foreign labour. They have applied for the employment of 35,000 foreign workers from the government, but their application has not been approved until today. The Malaysian government has been advocating for the replacement of foreign workers with automation, but SMEs are struggling to keep up with the government’s pace. The main reason is because Malaysian SMEs have limited funds, and cannot bear the huge cost of automating their production processes. For Chinese investors who are planning to ‘go global,’ this is undoubtedly a golden opportunity. Malaysia’s SMEs are mainly run by ethnic Chinese who have many years of experience in operating the companies, a good international reputation, a secure customer base from Europe and the United States, and a long-term record of profitability. If new capital is injected, it will not be difficult to upgrade the industry and consequently solve the shortage of foreign labour that has been plaguing Malaysia for years. However, it will most likely take a longer time to get a return on investment in the service and manufacturing industries, and this might not be to the liking of most Chinese investors.
In terms of the rate of unemployment, we can see that out of the three main ethnic groups in Malaysia (Malays, Chinese, and Indians), the ethnic Malays have the highest unemployment rate. Additionally, a large number of degree-holding ethnic Malays are working in positions that do not require the qualification of a university degree. All along, the public sector has been the main choice of employment for the ethnic Malays, but due to the government’s current budget cuts, the employment opportunities in the public sector have been saturated, and we predict that the unemployment rate amongst the ethnic Malays will be further exacerbated. Compounded with the actual rate of inflation in the urban areas that is as high as 3-4%, this could become a threat to society. The Malaysian government is paying more and more attention to the economic problems faced by the ethnic Malays, and the schemes they will probably implement include:
(1) New suburban economic development, including tourism, modern agriculture, e-commerce, logistics and so on. These will be important measures taken by the government to make sure that the ethnic Malays keep seeking employment in rural areas. （2）Create employment and business opportunities for the urban ethnic Malays through SMEs run by ethnic Chinese. We predict that in the manufacturing industry, the government will encourage the ethnic Chinese to automate their production process in order to replace foreign workers with skilled ethnic Malay workers. We predict that in the service industry, the government will expand franchises to increase the number of ethnic Malay workers and create partnerships. Regardless of whether it is the automation of the manufacturing industry or the expansion of the service industry, the ethnic Chinese will be short on funds, and China’s funds will be the most practical solution to this. We propose that Chinese investors should liaise directly with decision-making units in the government on possible investments to increase employment opportunities for the ethnic Malays through the automation of the manufacturing industry or the expansion of the service industry instead of investing through the ethnic Chinese.
Dr. Foo being interviewed.
First Think Tank: Chinese companies have always paid a lot of attention to the trends of housing prices in Malaysia. Could you elaborate on Malaysia’s housing situation? Are the housing prices high or low relative to other ASEAN countries?
Dr. Foo: After the peak development between the years 2010 and 2013, the growth of the Malaysian housing market has been gradually declining. The housing market experienced its slowest growth since the third quarter of 2009 in the second quarter of 2016. It is worth noting that the Malaysian economy experienced negative growth in 2009, but the housing market was not affected. The rate of growth of real estate prices was even higher than the rate of economic growth, but the situation did not overheat like it did in China. In my opinion, compared to its neighbouring countries, Malaysia’s real estate market is still relatively healthy. For example, take a look at the prices of land in prime locations (capital cities and rapidly developing cities); the price of one square meter of land in Singapore is USD 25,000 - 30,000, and the same area of land costs up to USD 30,000 - 40,000. However, the land near the city centre of Kuala Lumpur in Malaysia is only being sold at RM20,000 - 30,000 (USD 5,000 - 8,000) (the data on Singapore and Thailand was taken from the most recent sales). Even though the real estate prices in Malaysia have almost doubled since 2009, compared to the other South East Asian countries, Malaysia’s real estate prices are still relatively low, and in reality, it still has a lot of room to grow.
The Malaysian real estate market is mainly concentrated in a few places, the first of which is Selangor and Kuala Lumpur, the traditional centre of development. Currently, the development in the city centre is so saturated that it has expanded to more that 30 – 40 km beyond the border, and that is why there is now the Greater Kuala Lumpur project. The price of the real estate beyond the 40km perimeter is on average about RM 4,000 per square meter (USD 1,000).
Secondly, there is the Iskandar Development Region (IDR) in Johor. There are several Chinese companies that have established connections here, including Greenland Holdings and Country Garden Properties. There is a stark contrast in the prices of real estate outside and within the IDR; the price of one square meter of land within the IDR is about RM9,000, while the same area of land bordering the IDR costs only RM 4,000 or less.
The third is Penang. The housing prices on Penang Island are not too different from the housing prices in Kuala Lumpur or Johor, especially along the coastline. However, the housing prices in Seberang Perai, which is on the mainland, are extremely low, and are comparable to the housing prices on the land outside the IDR in Johor.
The fourth is Sabah. The real estate market in Sabah is rather peculiar: even though it is an underdeveloped area, it has the second highest average price of real estate in the entire Malaysia. The main reason for this is because the real estate market is concentrated in a few urban areas such as Kota Kinabalu, Sandakan, and Tawau. Other than the ethnic Chinese in Sabah, there are also Sarawakian business people and wealthy overseas Chinese from Indonesia (the Kinabatangan area) among the investors looking to purchase real estate.
I think that, to sum it up, the development of Malaysia’s real estate has good prospects for the future. Firstly, the first-time home buyers in the country can still support the low- and mid -end market to a certain extent. Foreign investors can also keep the high-end real estate market afloat, especially since Malaysia’s real estate is considerably cheaper than that of other countries. Chinese developers normally congregate in a few hotspots, perhaps because they do not have a good enough grasp on the local situation and have not had the opportunity to involve themselves in more remote areas that have great potential for development.
First Think Tank: Religion has always had a great influence in Malaysia, could you tell us a little about how the various religions in the country have been evolving in terms of their standing?
Dr. Foo: There are three main characteristics of the evolution of Malaysia’s religions in recent times:
Firstly, it is the conservative turn of Islam. Among the Malaysian Muslims, the influence of Salafism is increasingly growing, and on a certain level, this signifies a deepening religious conservatism. Signs of this conservatism were already starting to appear in the 1990s, and students who pursued their studies at Islamic institutions in West Asia and North Africa also contributed to this trend of conservatism. However, I think that the reason Islamic conservatism is as popular as it is today is because of the influence of the international Islamic movement, national policy, political struggles, and negative reactions to the economy.
Secondly, the standing of Islam is reflected in the nation’s policies. In recent years, Malaysian national policy has increased its sensitivity towards Islam and suspects the adherents of other religions of trying to undermine Islam. Former Prime Minister Mahatir and former deputy Prime Minister Anwar (both of whom are currently part of the Opposition) vigorously promoted Islamic policy in parliament. There are people who accuse Anwar of making Malaysia become more inclined towards Wahhabiyyah Islam.
Thirdly, religion has been mixed in with political struggles. The rise of Islamic extremists is also related to the recent domestic political situation. In the past 10 years, instead of the two-party system, Malaysia has been tending towards race-based politics, and this has engendered a change in the strategies of political figures. In the 2008 General Elections, the largest ethnic Chinese opposition party, the Democratic Action Party (DAP), formed an alliance with the conservative Islamic party, the Pan-Malaysian Islamic Party (PAS), thereby helping PAS win a lot of support from the ethnic Chinese voters. This growth posed a huge threat to the ethnic Malay ruling party, the United Malays National Organisation (UMNO). UMNO thus needed to rebrand itself as the defender of Islam and the Muslims in Malaysia, and in order to do this, it had to convince the Muslims that Islam was under threat from the non-Muslims, especially the ethnic Chinese. A consequence of this was the increase of conservatism and extremism in the Muslim community. In the past few elections, the ethnic Chinese have been leaning towards the Opposition Coalition, and this has caused the ruling party, UMNO, to be convinced that it will be impossible to win back the votes of the ethnic Chinese. Consequently, they have resorted to promoting Islamic policies without consideration of the ethnic Chinese in order to win the support of ethnic Malays in rural areas.
However, I also think that the current bad situation will improve in the near future.
One reason is the turnaround of ethnic Chinese voters. With a portion of ethnic Chinese voters supporting the National Front (Barisan National/BN) once again, UMNO will start to realise that ethnic Chinese voters are not in perpetual opposition against them, and that UMNO has no need to promote religious conservatism to win the votes of the ethnic Malays. In fact, when Najib first took office, he already put the “1 Malaysia” policy into action, but the policy did not really take off due to conservative forces within the party and a despair of winning the votes of the ethnic Chinese. The turnaround of the ethnic Chinese voters and the withdrawal of conservative forces from the party, in addition to the emergence of relatively liberal Muslims, will help curb this trend of Islamisation. The number of middle-class ethnic Malays who have received a Western education is also on the rise, and most of them are not fond of religious conflict. Additionally, due to the spread of education, the increase of international travel, and the rise of the internet, ethnic Malays in urban areas are now more critical-minded, rational, inclusive, and more willing to break down racial and religious barriers. The final reason is the economic development in rural areas. The Muslim community is normally concentrated in rural and suburban areas which have not experienced much economic development, thus making them more susceptible to the influence of extremism. Thus, we can only effectively curb religious extremism in the country by developing the economies of these areas. This is where Chinese companies can play an important role; by developing the manufacturing and service industries in the rural and suburban areas, they can increase the employment opportunities of the ethnic Malay Muslims living in these areas and reduce religious conservatism.
Dr. Foo being interviewed.
First Think Tank: In your opinion, when will the next General Elections be held in Malaysia, and how will this impact China?
Dr. Foo: Malaysia’s next General Elections are estimated to be held next year.
Currently, Malaysia is in the midst of a political restructuring. The opposition is being divided; PAS pulled out from the Opposition Coalition, and three opposition parties have formed a coalition called Pakatan Harapan that is much weaker than previous coalitions. Other than that, there are also some new opposition parties. I think that this kind of political situation is very favourable to BN because what is happening between the opposition parties will make competing with UMNO in the Malay constituencies a very difficult task indeed. In fact, the two past by-elections have already proved this point. Moreover, a lot of Malaysian voters who are currently abroad may be disappointed with the dissolution of the opposition and consequently not feel like returning home to cast their vote. In the past, their votes have often helped opposition parties win many ethnic Chinese and mixed constituencies. Furthermore, the ruling party is in possession of a large amount of political resources, and if the opposition parties cannot also get a hold on more political resources in a short period of time, the ruling party will become a big winner in the next General Elections. As the current ruling party has a very friendly disposition towards China, I think that if the current political structure does not change, it will be conducive for Malaysia-China relations.
Other than that, what I would like to add is that there are a number of anti-Chinese and racial supremacists within the ruling party that have left the party. This bodes well for Malaysia-China relations, and we can realistically hope that relations between the two countries will be brought up a notch. If the current Prime Minister, Najib, wins the next elections, he will very likely get rid of the remaining supporters of Mahatir and racial supremacists in the ruling party and subsequently promote more open economic policies and develop better relations with China on matters such as foreign trade, investment, and tourism. As for the current turnaround of a number of ethnic Chinese voters, well, the ethnic Chinese have always acted as a bridge in forging Malaysia-China relations, and thus it will be beneficial to Malaysia-China relations should the government once again pay more attention to the ethnic Chinese here.
First Think Tank: There was a huge uproar about the MH370 incident before; is the incident still having an impact on Malaysia in any way?
Dr. Foo: Based on the current situation, the negative impacts of the Malaysia Airlines MH370 incident had already begun to dissipate in 2015, and it currently no longer affects Malaysia, trade between Malaysia and China, and the tourism industry in any significant way. Indeed, the Malaysia Airlines MH370 incident affected Malaysia to a certain degree, especially its tourism industry, but after 2014, Malaysia has continued to regain the trust of Chinese tourists. There has since been an increase in the number of tourists in Malaysia, and China has become the main country of origin of the tourists who come to visit Malaysia. In terms of investment, China’s non-financial direct investment in Malaysia has still been growing, and the Malaysia Airlines incident has had very little impact on this. Also, Malaysia Airlines made a profit this year after many years of making loses, and it is predicted that this trend will continue. Malaysia Airlines will also have more business partnerships with China next year, and will be re-listed in 2019.
First Think Tank: Currently, Chinese companies are rushing to “go global,” do you think that it will be easy for Chinese companies to invest in Malaysia? What problems might arise? Could you share your opinions with us?
Dr. Foo: Currently, the non-financial investments of Chinese companies in Malaysia are significantly increasing, the total investments in 2015 came up to about RM 20 billion. The investment sector is also diversifying, and its levels and quality are constantly getting higher and better. Trade between China and Malaysia has definitely been negatively affected by the decrease in prices of petrol, palm oil, and rubber, as well as the significant depreciation of the Ringgit, but if you were to look at this from another angle, the composition of the products being traded by both parties are being improved, and the quality of trade is also being raised. There is an increasing number of Chinese companies investing in Malaysia, and large enterprises make up a huge proportion of this number. If, for example, a Chinese construction firm in Malaysia is dealing mainly with big projects, and the quality of construction of these projects are really high, the progress is fast, and it is priced competitively, the firm can establish itself very quickly in Malaysia.
I think that as an example, we can look at the China Railway Construction Corporation Limited’s recent investments in Malaysia. This company recently acquired 60% of the shares of the Bandar Malaysia project together with Iskandar Waterfront Holdings Sdn Bhd. In terms of its operational structure, the current operator of the project is Iskandar Waterfront Holdings Sdn Bhd, which is headed by the ethnic Chinese businessman Lim Kang Hoo, while China Railway is the main funder of the project. The royal family of Johor and 1Malaysia Development Berhad (1MDB) have also facilitated the project through consultation on official policies. From the point of view of China, this joint development model is worth following, as it can help Chinese companies better “go global.” If a Chinese company were to take on a foreign project all by itself, it may face a lot of problems due to its unfamiliarity with the local situation. The economies of Malaysia and China are complementary to each other, and therefore the foreign investments of Chinese companies must work together with the local ethnic Chinese as well as the natives. This will not only help Chinese companies deal with possible challenges, it can also assist in the economic development of the natives in Malaysia; definitely a win-win situation. At the same time, the government of Malaysia has also launched numerous large-scale projects to spur Malaysia’s economic growth as it prepares itself for the next elections. Chinese companies could consider this joint venture model to create new business opportunities.
Introduction to ANBOUND Malaysia:
ANBOUND Malaysia Research Centre was set up at the end of 2012 as the first overseas branch of ANBOUND. ANBOUND Malaysia is mainly focused on the bilateral development of ASEAN and China, and its ventures include geopolitical research, bilateral policy, economy and trade, investment, culture, etc. Other than providing research and data analysis, ANBOUND Malaysia also provides consultancy services, and its main client include the Malaysian government and its political parties, state-owned and private enterprises. At the same time, we have also established close partnerships with local social organisations (such as the Federation of Chinese Associations Malaysia (Hua Zong), the Chinese Chamber of Commerce, and the Malaysia-China Chamber of Commerce (MCCC)), universities, research institutions, the Chinese Embassy, and Chinese enterprises in Malaysia. All of the departments in the Chinese government that are responsible for international affairs (the National Development and Reform Commission, Ministry of Finance, Ministry of Foreign Affairs…), the China - ASEAN Center (official organization), the China Export-Import Bank, and the ASEAN Fund, are all long-term clients of ANBOUND. Currently, more and more State-Owned Enterprises (SOEs) are also starting to take their collaboration with ANOBOUND to the next level, so that ANBOUND can help them expand overseas by providing them with consultancy services, networking, and facilitating their transactions.
Dr. Edward Foo Loke Min is ANBOUND’s Chief Representative. He joined ANOBUND in 2013 and developed and planned numerous research and consultancy projects that involve the upgrading of industries, multinational investment, and policy making. He received his PhD at Glasgow Caledonian University in Scotland (Public Administration), specializing in public-private partnership financing and risk management. He obtained his Master’s degree at the University of Oxford.
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