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Aside from the 688-km ECRL which will cost 55 billion ringgit (13.5 billion U.S. dollars), a Chinese consortium also won the contract for the electrified double-tracking project of the railway line between Gemas and Johor Baru in southern Malaysia. As for the high speed rail linking Kuala Lumpur and Singapore, Chinese companies also have long expressed interests.

The changed rules will allow foreign investors to set up firms operating performance venues with no ownership restrictions. Foreign investment will also be permitted in air transport service sales agencies.

The largest international scientific cooperation project in the world, the ITER is a France-based international nuclear fusion research and engineering project that explores commercial uses of fusion power.

During Chinese Premier Li Keqiang's visit to Australia in March, the two sides agreed to synergize the Belt and Road Initiative with Canberra's Vision for developing North Australia.

In particular, while meeting the demands of the Chinese market for high-quality beef, the deal has generated revenue for Australian live cattle exporters, most of whom come from the northern Australian region, he added.