MITI confident Malaysia-China bilateral trade will cross US$190bil in 2022

MITI confident Malaysia-China bilateral trade will cross US$190bil in 2022

KUALA LUMPUR: The Ministry of Worldwide Trade and Market (MITI) is self-confident that bilateral industry between Malaysia plus China could exceed US$190 billion (US$1=RM4. 50) this year depending on current trends and would move in the direction of US$200 billion.

MITI deputy ressortchef (umgangssprachlich) Datuk Lim Prohibit Hong said the industry players and appropriate authorities will have to work hard on the target and maintain the momentum going.

He mentioned trade with Tiongkok in the first seven months of this yr had expanded simply by 16. 9 percent compared to the same period of 2021.

Exports grew by 13. 2 per cent, boosted by higher exports of electrical plus electronic products (E& E), liquefied gas (LNG), and metal scrap.

“Meanwhile, imports from Chinand taiwan climbed by nineteen. 8 per cent, ” he said in the keynote remarks at the 4th Malaysia-China B2B Business Matching Program in conjunction with the 19th China-Asean Expo (CAEXPO) 2022 today.

He or she said the execution of the Regional Extensive Economic Partnership (RCEP) would create a lot more transparent, specific, rules-based framework for business and investment one of the signatories, while conditioning the integration of companies in the global value and local supply chain, particularly between Malaysia plus Chinas well.

Lim noted how the RCEP provides a tactical platform for companies to collaborate plus forge closer economic integration and will thus be built by leveraging on decrease tariffs, stronger strategies connectivity, as well as intensifying the trade of products and services through a more robust trade environment in the region.

“I hope Chinese business leaders will carry on and leverage on Malaysia’s conducive business plus investment climate and also a strong regional business network to create a win-win relationship with Malaysian companies, ” he stated.

These collaborations could easily be facilitated with the wise partnerships exemplified by Malaysia External Industry Development Corporation (MATRADE) and China Construction Bank (CCB), he or she noted.

In the meantime, MATRADE chief executive officer Datuk Mohd Mustafa Abdul Aziz has motivated Malaysian companies to become proactive and leverage on CAEXPO plus CCB’s Matchplus programme for business growth.

“We convey more than 30 Malaysian companies looking for Chinese investments or business collaboration opportunities and over 300 company meeting sessions have been pre-arranged by CCB for Malaysian individuals from Sept thirteen to 15, ” he said.

The 19th CAEXPO is scheduled to become held on Sept 16 to 19 in Nanning, China. – Bernama