Deputy minister to lead trade and investment mission to Mexico, Peru
25 Jun 2022
Deputy International Trade and Industry Minister Datuk Lim Ban Hong will lead a trade and investment mission to Mexico and Peru from tomorrow until July 5, 2022.
The mission is part of the Ministry of International Trade and Industry’s (MITI) continuous effort to expand trade and investment opportunities in the Latin American market.
“The trade and investment mission would be focusing on broad linkage opportunities as well as exploring new markets for our exports as part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade pact,” according to a MITI statement today.
It said Ban Hong is scheduled to have bilateral meetings with his counterparts in Mexico and Peru to discuss ways to further increase bilateral trade and investment cooperation between Malaysia and the countries.
The focus would be on Malaysia’s capabilities and capacities in strategic sectors, including electrical and electronics (E&E), electric vehicle segment, digital economy and automotive industry.
Mexico is Malaysia’s second-largest trading partner in Latin America, which saw a two-fold increase in bilateral trade within the past decade.
In 2021, Malaysia recorded a substantial increase in total trade with Mexico to reach RM13.89 billion (US$3.35 billion) compared to 2020, contributed by higher exports of E&E products and manufactures of metal.
Total exports in 2021 increased by 37.9 per cent to RM11.59 billion (US$2.79 billion), while total imports increased by 35.9 per cent to RM2.3 billion (US$0.56 billion) compared with the year earlier.
In 2021, Peru was Malaysia’s top six largest trading partners in Latin America.
Despite the decline in global trade caused by the pandemic, Malaysia recorded a commendable increase of 13.5 per cent in total trade with Peru compared to 2020, to reach RM1.22 billion (US$0.29 billion). This was largely contributed by higher exports of rubber products, petroleum products and processed food.
Malaysia’s exports to Peru increased by 21.8 per cent to RM790 million (US$190 million), while imports from Peru were maintained at RM430 million (US$100 million) compared to 2020.