Chongqing- On August 12, the China (Chongqing) - Malaysia Investment Forum was held in Chongqing, southwestern China, and Kuala Lumpur, Malaysia's capital. The theme was exploring opportunities and developing strategic areas under the Regional Comprehensive Economic Partnership (RCEP). In conjunction with the RCEP and the New International Land-Sea Trade Corridor (ILSTC), both sides explored ways to enhance economic, trade, and investment cooperation between Chongqing and Malaysia. 

Recent years have seen a significant increase in trade between Chongqing and Malaysia. Data shows the city's total imports and exports to Malaysia were 24.71 billion yuan (about 3.66 billion U.S. dollars) in 2021, up 8.5% over the previous year. Malaysia makes up nearly one-fifth of the Association of Southeast Asian Nations (ASEAN) countries. 82 Malaysian projects have been set up in Chongqing, with a contract value of USD 430 million. Chongqing has invested more than USD 15 million in Malaysia.

During the forum, a strategic cooperation agreement was signed between the New Land-Sea Corridor Operation Co., Ltd. and the Malaysian Palm Oil Board regarding the western China - Malaysia palm oil supply chain. The two sides will establish a platform for trade promotion and technical cooperation of Malaysian palm oil and related products in western China, expanding Chinese palm oil imports. 

Regarding economic volume, Malaysia is in the upper-middle range of ASEAN countries, with the third highest gross domestic product (GDP) per capita. The proportions of Malaysia's three industries are respectively 8%, 36%, and 56%. Among them, agriculture is mainly cash crops, including palm oil, rubber, cocoa, rice, pepper, tobacco, and others. Palm oil production and export volume are second only to Indonesia as the world's second-largest producer and exporter. 

In recent years, ASEAN has become Chongqing's largest trading partner, with Malaysia being the city's second-largest trading partner in ASEAN countries. To build the open inland highland, Chongqing must take advantage of industrial and regional advantages and leverage RCEP for greater cooperation. 

In terms of corridor construction, the transport services of the ILSTC connecting Malaysia will be optimized, and several airlines will be facilitated, including from Beibu Gulf to Port Klang, Malaysia's largest seaport, to build the second largest international transit shipping center after the port of Singapore. 

It is vital for Malaysia's natural resources, such as palm oil, rubber, and natural gas, to be fully integrated with the global industrial chain and supply chain to develop chemical smelting, new energy, and other industries. For instance, both sides could establish a global supply chain system for electronic applications and chemical raw materials, a raw material distribution center for electronic devices export in Malaysia, and a collection and distribution center for imported materials in the regions along the route.