MITI confident Malaysia-China bilateral trade will cross US$190 bil in 2022
13 Sep 2022
The Ministry of International Trade and Industry (MITI) is confident that bilateral trade between Malaysia and China could surpass US$190 billion (US$1=RM4.50) this year based on current trends, and would move towards US$200 billion.
MITI deputy minister Datuk Lim Ban Hong said the industry players and relevant authorities will have to work hard on the target and keep the momentum going.
He said trade with China in the first seven months of this year had expanded by 16.9%, compared to the same period of 2021.
Exports grew by 13.2%, boosted by higher exports of electrical and electronic products (E&E), liquefied natural gas (LNG), and scrap metal.
“Meanwhile, imports from China climbed by 19.8%,” he said in his keynote remarks at the 4th Malaysia-China B2B Business Matching Session in conjunction with the 19th China-Asean Expo (CAEXPO) 2022 on Tuesday (Sept 13).
He said the implementation of the Regional Comprehensive Economic Partnership (RCEP) would create a more transparent, specific, rules-based framework for trade and investment among the signatories, while strengthening the integration of companies in the global value and regional supply chain, notably between Malaysia and China as well.
Lim noted that the RCEP provides a strategic platform for businesses to collaborate and forge closer economic integration and will thus be built by leveraging on lower tariffs, stronger logistics connectivity, as well as intensifying the trade of goods and services through a more robust trade ecosystem in the region.
“I hope Chinese business leaders will continue to leverage on Malaysia’s conducive business and investment climate and a strong regional business network to forge a win-win partnership with Malaysian companies,” he said.
These collaborations could easily be facilitated with the smart partnerships exemplified by Malaysia External Trade Development Corporation (MATRADE) and China Construction Bank (CCB), he noted.
Meanwhile, MATRADE chief executive officer Datuk Mohd Mustafa Abdul Aziz has encouraged Malaysian companies to be proactive and leverage on CAEXPO and CCB’s Matchplus programme for business expansion.
“We have more than 30 Malaysian companies looking for Chinese investments or business collaboration opportunities, and over 300 business meeting sessions had been pre-arranged by CCB for Malaysian participants from Sept 13 to 15,” he said.
The 19th CAEXPO is scheduled to be held on Sept 16 to 19 in Nanning, China.