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Huawei investment welcomed in Malaysia: Malaysian finance minister
Shoppers browse smartphones at a Huawei retail store in Hangzhou in eastern China's Zhejiang province, Thursday, May 16, 2019. In a fateful swipe at telecommunications giant Huawei, the Trump administration issued an executive order Wednesday apparently aimed at banning its equipment from U.S. networks and said it was subjecting the Chinese company to strict export controls. (Chinatopix via AP)

Huawei investment welcomed in Malaysia: Malaysian finance minister

Malaysia welcomes Huawei and other Chinese companies to invest in the country, said Malaysian Finance Minister Lim Guan Eng Monday in Beijing.

The country endorses fair competition and welcomes foreign investors as long as they are reliable and responsible, said Lim in an interview with Xinhua.

Citing a quote “no power on earth can stop an idea whose time has come,” Lim said the evolvement of technology and the trend of globalization cannot be stopped by restrictive policies.

He will visit Huawei in Shenzhen and other Chinese companies during his China trip to push economic and trade cooperation between the two countries.

China is Malaysia’s second-biggest source of investment in the first quarter, he said.

Chinese investment into Malaysia still has plenty of room for growth, he said, pointing to areas including technology.

In terms of trade, Lim sees China’s promise to expand imports as an opportunity for Malaysia, as Chinese consumers have the capability to buy more Malaysian goods including palm oil, durian and electronics.

Though the Chinese economy may face downward pressure in the short term, Lim said he believed that the country can tackle its challenges and prosper in the long-term.

China’s business environment has been constantly improving, with a wide range of Malaysian companies investing and making profits in China, he pointed out.

As China opens its market further to foreign investors with the new negative lists, there will be more opportunities for Malaysian firms, he said.