Various deals with China result of relations built between both countries: Najib

KUALA LUMPUR: The various agreements signed between Malaysia and China are real and transformative results of the relations built between both countries, said Prime Minister Datuk Seri Mohd Najib Abdul Razak.
"These relations do not compromise sovereignty one bit, contrary to what opposition politicians have said. I will never sell Malaysia's sovereignty," he said in his speech at the grand opening of China Construction Bank (Malaysia) Bhd (CCBM) today.
He said Malaysia is an open and friendly country and the fact that it is a preferred destination for foreign direct investments is a testament of the confidence of other countries in Malaysia.
"To turn away these investments out of a narrow and foolish belief - and a fundamental misunderstanding of economics - would only be bad for this country," he said.
"Some people seem to think that it is better to have loss-making companies that are 100% Malaysian owned instead of a smaller percentage in a company that stands to gain access to bigger markets, economies of scale and cutting edge technology. I ask you, which one will create more wealth and jobs for Malaysians? The answer is obvious," he added.
Najib said Malaysia will increasingly serve as a regional hub for Chinese companies intending to expand into the region, based on its strength in various sectors including construction and financial sectors as well as a young and well-educated population.
He said China Construction Bank (CCB) has indicated that its Kuala Lumpur branch will be its hub for the Asean region.
CCBM, which is the first foreign commercial bank to be granted a banking licence by Malaysia in the last six years, has already financed some 20 ventures in Malaysia prior to the grand opening.
"I know that your presence here is another sign of confidence in Malaysia and bearing in mind our Transformasi Nasional 2050 initiative, we hope that CCBM will participate proactively in financing high priority infrastructure projects such as railways, highways, harbours, airports, telecommunications, power and affordable housing," said Najib.