Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz — RAJA FAISAL HISHAN/The Star
KUALA LUMPUR: Malaysia and ASEAN's relationship with China should continue to be built on mutual respect and trust, particularly when it comes to driving high-value industries, fostering innovation, and promoting sustainable development, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
He also emphasised that ASEAN must step up and embrace great power rivalries, economic shifts, and opportunities in technological advancement, including through its relationship with China.
"This is especially significant as, in 2023, the trade volume between China and ASEAN reached close to US$1 trillion (US$1=RM4.42), about US$900 billion, making China ASEAN's largest trading partner and ASEAN's third-largest source of foreign direct investment,” he said in a press conference after attending the China Conference: Southeast Asia 2025 here, today.
He said that the close ASEAN-China relationship is crucial and is also anchored on the strong ties between Malaysia and China, which celebrated their 50th anniversary last year.
Tengku Zafrul expressed hope that the China Conference: Southeast Asia 2025 would continue to deepen the understanding between key players in ASEAN and China.
He also noted that Hong Kong remains a key trading partner for ASEAN and Malaysia.
"ASEAN and China has an free trade agreement (FTA), and Hong Kong does as well. We want to see this increase, especially with the shifting dynamics in certain supply chains and industries. We believe Hong Kong can continue to play its role in mitigating some of these chages,” he said.
Regarding the impact of the United States (US) tariffs on steel and aluminium imports, he said that Malaysia currently has moratorium on new plants or expansions in the steel and aluminium sectors.
"We feel there is already overcapacity in the country, and therefore, regardless of what happens in the US, we are not a major exporter of steel and aluminium. Our biggest exports to the US is electrical and electronics, and the export of steel and aluminium is really insignificant. So I don't foresee any impact,” he said.
On another development regarding the next Malaysian Ambassador to the US, Tengku Zafrul responded succinctly with a ‘No’.
"I'll leave it to whoever is appointed. The Ministry of Investment, Trade and Industry (MITI) is ready to support, we need someone on the ground,” he said.
Over a week ago, the media reported suggestions from certain quarters that Tengku Zafrul be appointed as the country’s next Ambassador to the US after his term as senator ends in December.
Meanwhile, Tengku Zafrul further emphasised that Malaysia is focused on companies that have improved their economic complexity.
"We want companies that prioritise sustainability. To me, it doesn't matter where these companies are from, as long as they create the right spillover (effects), focus on the right sectors, and contribute to the growth of the Malaysian economy. We will support investments that align with these goals,” he said.
Regarding visits to the US, he mentioned that MITI and its agencies have offices across various US locations, engaging with both companies already present in Malaysia and those considering investing in Malaysia.
"In terms of timing, it will be in the second quarter of the year, as that is when we conduct our annual visits to both the east and west coasts of the US,” he added. - Bernama
