Malaysia sees long-term benefits from cancelling Chinese-backed projec
Malaysia sees long-term benefits from cancelling Chinese-backed projects
Malaysia’s cancellation of some controversial China-backed infrastructure projects might cause an initial headache but will be beneficial in the long term, said an article published by Malaysian-based the Star Online news agency.
Malaysian Prime Minister Mahathir Mohamad has reiterated that the country cannot afford some of the Chinese-backed projects. (Source: Bernama)
Kuala Lumpur (VNA) – Malaysia’s cancellationof some controversial China-backed infrastructure projects might cause aninitial headache but will be beneficial in the long term, said an articlepublished by Malaysian-based the Star Online news agency.
The cancellation means that Malaysia decides not to be fullyinvolved in China’s Belt and Road Initiative (BRI).
According to the Malaysian article, experts believe thatcancelling the 55 billion MYR East Coast Rail Link (ECRL) and two gas pipelineprojects – the Trans-Sabah Gas pipeline and the Multi-Product Pipeline – coulddrag down GDP growth, trade, and investments.
However, these projects would not benefit Malaysia in thelong run due to their hefty costs. Running the ECRL would cost a fortune, and thuswould not be an option for cheap transportation.
To mitigate short-term problems, experts recommendedMalaysia prepare its own master plan to identify the country’s long-term growthdrivers.
Ramon Navaratnam, chairman of the Asli Center of PublicPolicy Studies, said Malaysia should explore other markets for trade andinvestment and should not depend heavily on China. He added that agreements in thefield should benefit both sides.
Earlier, Malaysian Prime Minister Mahathir Mohamad repeatedthat the country cannot afford these projects. Furthermore, the terms of thesecontracts, coupled with elements of high corruption and inflated costs, renderedthem non-beneficial.
Mahathir, taking the lead in Southeast Asia to renegotiateChinese-backed investments, might prompt neighbouring countries to follow suit.
Other ASEAN countries involved in the BRI are Singapore, Thailand,Myanmar, Indonesia, Laos, and Cambodia. –VNA
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Malaysian Prime Minister Mahathir Mohamad has reiterated that the country cannot afford some of the Chinese-backed projects. (Source: Bernama) 
