Malaysia secures RM2.44bil potential exports to China, says Tengku Zafrul

KUALA LUMPUR: The International Trade and Industry Ministry's trade and investment mission to China has generated RM2.44bil worth of potential exports to the republic on top of the RM170bil of potential foreign direct investment (FDI) from China.

The mission, which coincided with Prime Minister Datuk Seri Anwar Ibrahim’s official visit to China, was led by the International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz from March 31 to April 2, involving visits to Beijing and Ningbo City.

The mission was supported by the Malaysian Investment Development Authority (Mida), Malaysia External Trade Development Corporation (Matrade) and InvestKL.

Tengku Zafrul also met with five Chinese potential investors in Beijing, Miti said in a statement Saturday (April 1).

"This mission is part of the ministry's continuous efforts in attracting quality investments and positioning Malaysian companies, particularly the small and medium enterprises, higher in the global value chain.

"We are encouraged by the positive response reflected in the RM170bil potential FDI and RM2.44bil in potential exports.

"This reflects strong Chinese interest in Malaysia, driven by Miti’s pro-industry, pro-trade, and pro-investment focus," said Tengku Zafrul.

He said Miti is also capturing important investments in targeted sectors under the New Investment Policy, including electrical and electronics products and digital economy, which will create higher-paying jobs for Malaysians.

On April 1, 2023, key events during the mission included an intimate Roundtable Meeting between the Prime Minister and 36 Chinese captains of industry, and the Malaysia-China Business Forum 2023 attended by over 1,000 business representatives from China and Malaysia.

Miti said the strong participation of business leaders from both countries signified the firm support and confidence on the future direction of Malaysia-China economic ties under the leadership of the Unity Government.

Anwar also witnessed the signing of 19 Memoranda of Understanding between Malaysian and Chinese companies for future projects in Malaysia, in sectors such as education, health, automotive, property, waste recycling, and logistics. - Bernama

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