Local firms urged to leverage opportunities from China’s tech rise
17 Dec 2020
Deputy International Trade and Industry Minister Datuk Lim Ban Hong has called for greater collaboration in the area of high technology between Malaysia and China to further strengthen bilateral trade, investment and economic cooperation.
In a statement today, Lim said the move is crucial in expediting Malaysia’s economic recovery due to the Covid-19 pandemic.
“Malaysia and China can enhance its collaboration in the high-value industry, and this will promote Malaysia’s efforts in the move towards becoming a knowledge-intensive, as well as a high-end products and services hub,” he said at a webinar titled “Malaysia2China: Seizing Opportunities in China’s Technological Rise” held recently.
During the session, Lim also encouraged Malaysian companies, particularly those from the electrical and electronics (E&E) sector to explore business opportunities with not only advanced companies in conventional first-tier cities in China, but also with small and medium enterprises in second- and third-tier cities that are hubs of high-tech.
According to Lim, Malaysia’s E&E industry has played a critical role in the country’s economic recovery and regrowth following the pandemic.
“Malaysia’s E&E landscape is stabilising with strong demands seen for smart manufacturing capabilities, automation and technological innovations.
“This high demand will definitely be a catalyst to support the government’s policy to increase the adoption of Industry 4.0 technologies,” Lim said.
For the first 10 months of 2020, Malaysia’s total E&E trade increased one per cent to RM522.7 billion compared with the corresponding period in 2019 despite the unprecedented challenges faced due the pandemic, he added.