China-Malaysia Strike Major Silk Road Deal


Li Keqiang, Premier of the State Council of the People's Republic of China, is to announce a collaboration project with Malaysia for two key ports in both countries, according to the Malaysian Reserve.

The initiative will pave the way for more business between China’s Lianyungang Port and Malaysia’s Port Klang.

The agreement will help to support China’s ‘One Belt, One Road’ initiative, in which China has so far invested around US$50 billion, with an additional $900 billion in infrastructure planned.

Li Keqiang is anticipated to sign a memorandum of understanding (MoU) between Lianyungang Port Holdings Group and Port Klang Authority.

Teng Wen, Head of Lianyungang’s publicity department, said: “Lianyungang’s problem is a global one. As an important starting point of the Maritime Silk Road, Lianyungang will stand to benefit.”

The ‘One Belt, One Road’ plan aims to link China with Europe through Central and Western Asia, as well as Maritime Silk Road.

China has promised to generate US$2.5 trillion from the grand scheme, and has already begun to build on its dominance in Africa with the take over of ports in Kenya.

Fact File: Port Klang is Malaysia’s flagship port and is regulated by the Port Klang Authority. It was the world’s thirteenth busiest port in 2013.

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