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Malaysia among most trade-friendly countries in the world

Malaysia among most trade-friendly countries in the world

03 May 2021

Malaysia has established itself as one of the most trade-friendly countries in the world, exporting a competitive range of products and services to more than 200 countries and territories around the world.

The Malaysia External Trade Development Corporation (Matrade) said the country is today an integral part of the global supply chain.

In 2019, Malaysia was recognised as the world’s 25th trading nation and 26th largest exporter and importer in 2019 by the World Trade Organisation (WTO), it said in a statement today.

Matrade said Malaysia has also ensured that it has kept up with the rapidly transforming technologies utilised in the global trade, commerce and financial sectors.

“Today, it is capable of conducting business efficiently and effectively within the knowledge and digital economy,” it said.

The agency said Malaysian electrical and electronics (E&E) companies are leading players globally with a significant amount of all electronics exports being contributed by semiconductor devices, integrated circuits (ICs) as well as transistors and valves.

The information and communications technology (ICT) is another important sector for Malaysian exports.

Matrade said the country’s many other areas of export include the digital content sector, game art production and various aspects of audio-visual production for the film and computer industries.

“The country is also the largest manufacturer of boilers in Southeast Asia, with the capability to manufacture and supply high-grade and internationally accepted industrial boilers,” it noted.

Malaysia is also recognised as one of the most developed chemical industries in the world, supplying a variety of products, including polymers of ethylene, methanol and saturated polyesters.

In addition, the country’s construction and professional services sector has established itself as a major global player, having completed a variety of projects abroad.

Meanwhile, the Malaysian aerospace industry has been showing tremendous growth potential, including in the maintenance, repair and overhaul (MRO), machinery and design engineering sectors.

Matrade said Malaysia’s oil and gas industry is among the most dynamic in the region and includes the provision of specialty services.

Malaysia has also established itself as a world leader in furniture design and manufacture with over 80 per cent of its output exported to over 160 countries, and pioneering the halal sector, with extensive expertise on standards and an industry that is being recognised by multinational and world bodies.

“Food is another sector, in which Malaysia excels and the largest export category here is edible products and preparations,” it said.

Matrade said other major areas of export include Malaysia’s vibrant fashion industry, healthcare services, and franchising.

Source: Bernama

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