Chile keen to boost ties with Malaysia by exploring new trade sectors - MIDA | Malaysian Investment Development Authority
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Chile keen to boost ties with Malaysia by exploring new trade sectors

Chile keen to boost ties with Malaysia by exploring new trade sectors

27 Mar 2024

Malaysia and Chile can boost bilateral ties by tapping into new sectors such as renewable energy, tourism, and education while maintaining a positive momentum in the existing areas.

Natalia Arcos, international director of the Chilean government’s export promotion agency ProChile,  said that collaborations in solar and wind energy projects, technology sharing, and the promotion of sustainable policies in the renewable energy sector could significantly benefit both nations.

“In tourism, the countries could develop integrated packages and promote joint tourist destinations. In education, they could facilitate student exchanges and establish joint research programmes, strengthening academic ties,” she told Bernama.

Arcos said that these areas of collaboration would not only broaden the scope of bilateral relations but also promote mutual and sustainable development between the two countries.

Halal certification is vital for Malaysia-Chile trade, given Malaysia’s large Muslim consumer base.

According to Arcos, sectors such as halal-certified food products will likely continue driving trade between the two countries.

Chilean exporters who meet these standards stand to benefit, but maintaining and expanding Chilean product presence in Malaysia requires top-notch quality and adaptability to local preferences.

Arcos emphasised that Malaysia and Chile need to explore new opportunities in emerging industries such as technology and innovation to strengthen their economic ties.

“Collaboration in research and development, as well as knowledge sharing in cutting-edge areas, could boost the competitiveness and capacity of both countries to meet the economic and technological challenges of the future.

“In addition, strengthening ties in sectors such as health, biotechnology, and the digital economy could open new prospects for bilateral cooperation and sustainable economic growth,” she noted.

Arcos said Chile is seeking to diversify its export basket and looking at new opportunities for Chilean exporters. The South American country is currently exporting more than 4,000 goods and services to about 190 destinations worldwide.

She said exports play a vital role in Chile’s economy, serving as a key driver of employment and economic growth.

“Exports are important for Chile, both for employment and economic growth.

“Exports currently contribute 36 per cent of the country’s gross domestic product, involving more than 7,700 companies, of which 35 per cent are small and medium enterprises, and generating more than 1.1 million jobs,” she added.

ProChile is an agency under Chile’s Ministry of Foreign Affairs.

Source: Bernama