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MITI: Political changes in Malaysia will not have impact on trade

MITI: Political changes in Malaysia will not have impact on trade

17 Dec 2020

Political changes can have a significant impact on trade and economic policies as political attitude changes towards the business scenario.

Ministry of International Trade and Industry (MITI) senior director of bilateral economic and trade relations, Nor Hasnah Badroddin, however, said in the case for Malaysia, changes in political situation in the country do not have an impact on bilateral trade.

She said it is because Malaysia has been consistently a pro-business and investor-friendly country.

“We are a trading nation and international trade is a driver of our economic growth.

“Hence, even over the last two-and-a-half years we have had changes in government but our policy remains the same, which is being business friendly, and we will continue to create an ecosystem to nurture businesses sustainability,” she said at the Malaysia-Pakistan Business Council (MALPAK) Virtual Town Hall today.

Nor Hasnah said Malaysia has adopted strategies for growth and development of the country, increasing export growth, keeping the economy open, expanding trade agreements and investing more in human capital development.

“With these strategies, Malaysia will remain a productive, innovative and competitive country especially for bilateral trade,” she added.

Meanwhile, MALPAK chairman Datuk Seri Mohamed Nazir Meraslam said the council is optimistic that there will be growth in bilateral trade and investment between Malaysia and Pakistan within the next five years.

MALPAK, he said, has requested both governments to create awareness about the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA) through workshops, as well as to review the partnership agreement, and to use it as a platform for taking practical steps to facilitate and grow businesses and to facilitate and grow bilateral trade and investment.

“We have also requested Pakistan’s representative to create more awareness about opportunities and incentives under the China-Pakistan Economic Corridor,” he said.

MALPAK has particularly been used in taking a strong stand to explore and venture into more business opportunities between the two countries and is in close coordination with government agencies in Malaysia and Pakistan to facilitate trade and investment opportunities.

Moving forward, Mohamed Nazir said MALPAK will continue building initiatives in 2020 and plans to bring a Malaysian trade delegation to Pakistan in the first quarter of 2021.

Source: Bernama

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