TDM Berhad Malaysia’s Belt and Road Initiative: Opportunities, Risks and Policy Implications

Abstract

This study examines the implications of China’s Belt and Road Initiative (BRI), focusing on the East Coast Rail Link (ECRL) and its effects on TDM Berhad, a government-linked company in Terengganu. Employing a mixed-method approach with financial data and director interviews, the research explores political economy and corporate governance dimensions of Malaysia’s BRI
participation. The study rests on two premises: (a) the BRI generates economic and social impacts, and (b) policy shifts shape firms’ adaptation strategies. Findings indicate that the ECRL strengthens regional connectivity and attracts investment for TDM Berhad, yet raises concerns over debt sustainability, governance transparency and state autonomy. Governance indicators such as board size, compensation and gender diversity influence how TDM Berhad aligns strategies with federal priorities and international expectations. Moreover, the TDM Berhad’s dual role in healthcare and plantation highlights the balancing act between development pressures and sustainability under ESG frameworks. By situating TDM Berhad as a case study, the research contributes to debates on global economic initiatives, domestic politics and governance practices. It concludes that Malaysia’s BRI engagement offers both opportunities and risks, emphasizing the need for policies that safeguard sovereignty while fostering inclusive growth and long-term resilience.