Currently, several Malaysian companies have invested in mainland cities in the Greater Bay Area. Aluminum firm Press Metal set up a subsidiary in Foshan in 2005 with an annual production capacity of 120,000 metric tons. It was preceded by Perfect (China) Company, which manufactures cleaning and beauty products and began operations in Zhongshan in 1994.

"We believe the Chinese government's strong support, with various incentives and policies for foreign investment, will spur it in future," says Beh. Total bilateral trade between Guangdong province and Malaysia grew 18.2 percent year-on-year to about $40 billion from January to November last year, according to Beh, citing data from IHS Markit.

While Guangdong's exports to Malaysia rose 27.3 percent on a yearly basis to $15.4 billion during the same period, the Chinese province's imports from Malaysia increased 13.1 percent to $24.6 billion. "Although the trading volume between Malaysia and Guangdong is about one-third of total trade between Malaysia and China, we strongly believe there is more potential for growth, maybe by another 5 to 10 percent," says Beh.

According to the Annual Report on Development of Malaysia 2021, jointly published by Beijing Foreign Studies University and Peking University, cooperation between China and Malaysia has deepened despite the COVID-19 pandemic.