KUALA LUMPUR: The International Trade and Industry Ministry (Miti) wants to strengthen the bilateral trade, investment and economic ties with Argentina through collaboration in several areas.
Minister Datuk Darell Leiking, who met Argentina’s Production and Labour Minister Dante Enrique Sica, said the collaboration could be in areas in Industry 4.0, robotics, Internet of Things (IoT) and automotive parts and components.
“Both parties also agreed to further discuss the trade and investment prospects through the existing bilateral Trade Agreement and Investment Guarantee Agreement,” said the ministry in a statement here. Leiking is on a five-day trade and investment mission to Latin America.
During in Argentina, which was his second stop after Chile, he also met several of the country’s companies and discussed trade and investment opportunities in machinery, agro-food, health food, artificial intelligence for environmental-related alert and capacity building programmes.
The meeting also acknowledged the significance of resuming direct connectivity between Kuala Lumpur and Buenos Aires to further boost trade between the two countries, it said.
Leiking were joined in the discussions and negotiations by the Malaysian ambassador to Argentina as well as senior officials from the Miti, Malaysia External Trade Development Corporation (Matrade), Malaysian Investment Development Authority (Mida) and Malaysia Automotive, Robotics & IoT Institute (MARii).
Argentina remained Malaysia’s third largest trading partner among the Latin American countries in 2018.
Trade with the country stood at RM5.39bil in 2018 with exports to Argentina reached RM570mil and imports at RM4.81bil.
Rubber products, electrical and electronic products, petroleum products, palm oil and palm oil-based agriculture products, as well as machinery, equipment and parts, contributed almost 70% of Malaysia’s exports to Argentina.
Animal feed, leather and articles of leather and other agriculture (cereals) contributed 90% of the imports from Argentina.
Companies from the Latin American country have invested in Malaysia’s manufacturing and services sectors, while Malaysian companies have successfully ventured into Argentina’s tourism, oil and gas, investment holdings and manufacturing in Argentina. — Bernama