Malaysian mission sees potential exports to China grow to RM3.2 billion
Published on: Tuesday, April 11, 2023
By: Bernama
Tengku Zafrul in China. (Business Today)
Kuala Lumpur: Malaysia’s recent trade and investment mission to China has now generated potential exports worth RM3.2 billion to the republic, an expansion from the RM2.44 billion announced previously after the mission was extended to Hong Kong.Minister of International Trade and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz revealed that Press Metal Aluminium Holdings Bhd received order commitments for its aluminium products in Hong Kong.
ADVERTISEMENT
On April 4, Press Metal sealed orders worth RM110 million for its aluminium bars from Daching Enterprises Ltd (Daching) of Hong Kong, apart from a five-year commitment for the same product worth RM670 million.
“After Prime Minister Datuk Seri Anwar Ibrahim returned from his visit to China, we continued our trade mission to Hong Kong and received more commitments there,” the minister said at a Ramadan event at his ministry.
Apart from that, the other potential exports involved several sectors, including agriculture, palm oil and electrical and electronics (E&E).
“This is an encouraging achievement for our exporters, especially those who export to China,” he added.
ADVERTISEMENT
The Prime Minister’s official visit to China from March 29 to April 1 resulted in investment commitments worth RM170 billion.
Tengku Zafrul said his ministry will monitor and realise the investment commitments received from China.
ADVERTISEMENT
“We will also report to the Cabinet on the investments identified and each quarter, we will announce the investments that have been realised or committed,” he added.
China has been Malaysia’s biggest trading partner since 2009. In 2022, bilateral trade between the two countries reached RM2.8 trillion.
Malaysia’s trade with Hong Kong breached RM100 billion for the first time last year, hitting RM113.20 billion, with exports worth RM95.60 billion and imports of RM17.60 billion.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
