Miti’s mission generates RM2.44bil worth of exports

KUALA LUMPUR: The International Trade and Industry Ministry’s (Miti) 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 Tengku 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, Bernama reported.

Tengku Zafrul also met with five Chinese potential investors in Beijing, Miti said in a statement.

Earlier, Bernama reported that Tengku Zafrul said that Malaysian exporters would stand to benefit from additional preferential access into the UK market with the country’s eventual accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

He said upon implementation of the agreement, the United Kingdom would eliminate import duties for a wide range of products including palm oil, cocoa, rubber, chemicals as well as electrical and electronics products, which are of significant export interest to Malaysia.

“The eventual accession of the United Kingdom into the CPTPP will open new opportunities for Malaysian businesses, and small and medium enterprises (SMEs), particularly through wider sourcing channels for materials at competitive prices, as well as technical assistance and capacity-building programmes.

“And this will further stimulate Malaysia’s economic growth and strengthen regional supply chains,” he said.