KUALA LUMPUR, July 5 (Xinhua) -- The China-proposed Belt and Road Initiative is a win-win opportunity for China and Malaysia as Malaysia needs Chinese funding to develop infrastructure, said a senior Malaysian government official on Wednesday.
Mohd Irwan Serigar Abdullah, the Treasury Secretary-General, when attending the RHB "One Belt, One Road, One Asia" regional conference, said Malaysia needs funding to develop infrastructure at cheaper interest rates and long-term loan repayment and noted the urgency to embark on these projects as the development costs may increase in future.
He said development projects such as the East Coast Rail Link and Digital Free Trade Zone, are projects that Malaysia needs to embrace in order to stay relevant in a global market.
He dismissed concerns that Malaysia's security and sovereignty would be compromised in the process, emphasizing that Malaysians should view these development projects positively as they will help to sustain the country's economic growth.
He also reassured that these projects will provide job opportunities and drive the country's economic growth.
Khairussaleh Ramli, RHB Group's managing director, said in a speech earlier that he believes that Malaysia can benefit from the sharing of knowledge, advanced technology and experience under the Belt and Road Initiative.
According to a report by RHB Research, the announced Belt and Road Initiative projects in Malaysia have a cumulative investment size of close to 50 billion U.S. dollars, that is to be spread out over a period of seven to 10 years.
