(MENAFN - Qatar News Agency) China and Malaysia launched their first joint industrial park in south China's Guangxi Zhuang autonomous region, in an effort to further bolster cooperation between the two countries.
According to Chinese news agency (Xihnua), the China-Malaysia Qinzhou Industrial Park, which will boast preferential policies for state-level economic and technological development zones, will specialize in the development of manufacturing, IT and service industries.
The Qinzhou park is the third industrial park developed by China and another country, with a similar park in east China's city of Suzhou and an eco-city industrial park in north China's port city of Tianjin.
The park will set a good example for economic cooperation between the two countries, Chinese Premier Wen Jiabao said at the park's opening ceremony.
Statistics showed that bilateral trade between the two countries in 2011 reached 90 billion US dollars, making China Malaysia's largest export market for the first time and maintaining its status as the Malaysia's largest source of imports.
The two countries are also looking into the establishment of a joint industrial park in Malaysia.