On 10 December 2021, formerly known “World Chinese Economic Summit” (WCES) founded by Tan Sri Lee Kim Yew and Tan Sri Micheal Yeoh in 2009, was rebranded by the Minister of Foreign Affairs YB Dato’ Sri Saifuddin Abdullah as Global Chinese and Technology Summit (GCETS).
From the left: Tan Sri Lee Kim Yew, YB Dato’ Sri Saifuddin Abdullah, Dato Wei Chuan Beng
This launch also caught the attention of Prime Minister Dato Sri Ismail Sabri Yaakop as he delivered the opening address at the Summit held in Penang on 16 December alongside the Governor of Penang Tun Ahmad Fuzi and the former Vice President of Indonesia Jusuf Kalla.
Due to the global pandemic, GCETS is bouncing back on global recovery by targeting the digital economy, green technology, health technology, and agro-technology. Tan Sri Lee Kim Yew stated that “ From the beginning, I have always emphasized on the role of the Global Chinese and connecting the Global Chinese Diaspora. Hence this rebranding is in line with my original vision and objective. I have also emphasized the importance of learning from East and West, whereby GCETS will provide a global stage for countries and corporations to learn from one another and co-create a stronger global economy.”
With it being hosted once again in Malaysia, this creates an opportunity to showcase Malaysia’s extensive industrial infrastructure, as well as the unique multicultural society and multilingual talent pool, as the perfect place to attract foreign investors and corporates to invest in our country.
Organizing Chairman, Tan Sri Michael Yeoh, stated that “The Global Chinese Economic & Technology Summit will also provide and enhance economic cooperation as well as business and technology partnership between China and ASEAN. Last year ASEAN for the 1 time became China’s largest trade partner and China was Malaysia’s largest investor.”
During the Summit Covering, a total of 56 speakers from 12 different countries gave a speech on the 5 sessions allocated during the event:
- The Rise of the Dragon – China’s role in the post-pandemic world economy.
- Digital Technology and Digital Economy Post Pandemic
- How can Businesses Embrace New Opportunities in the New Growth Areas
- The Role of the Global Chinese Diaspora in Global Recovery
- Harnessing the Power and Potential of Women Leaders.
YAB Dato’ Sri Ismail Sabri Bin Yaakob, Prime Minister of Malaysia, said, “Building upon this close and enduring friendship, Malaysia and China have continued to strengthen economic ties, even during the current crisis. China has been Malaysia’s largest trading partner since 2009 and accounted for 18.6% of Malaysia’s total trade in 2020. Exports to China recorded a new high in 2020, expanding by 11.1% to USD37.77 billion. China was also Malaysia’s biggest import source, accounting for 21.5% of total imports.”
“On the investment front, China emerged as the largest foreign investor in the manufacturing sector in Malaysia from 2016 to 2020. During these 5 years, the Ministry of International Trade and Industry Malaysia through its agency, Malaysian Investment Development Authority (MIDA) approved 243 projects with a total investment of USD14.91 billion. This provided more than 50,000 job opportunities in Malaysia,” he added.
