Dr. Ong KianMing, Deputy Minister of International Trade and Industry of Malaysia, said in an interview with CBN reporters that he saw the Chinese government ’s openness to trade through the Expo. “This is important because some countries are currently under internal pressure. Adopt a protectionist policy, and Chinese leaders emphasize open cooperation in order to create more opportunities for cooperation in international trade. “
The Information from the website of the Ministry of Commerce of China. As of 2018, China has become Malaysia’s largest trading partner country for the tenth consecutive year and Malaysia’s largest source of manufacturing foreign investment for the third consecutive year. Cooperation between the two countries in railway, aviation, finance, e-commerce, and advanced manufacturing has continued to deepen.
“At present, the bilateral trade volume between China and Malaysia is more than 16% of Malaysia’s total import and export volume for the whole year,” Dr. Wang Jianmin told First Financial reporter, “I am confident that this proportion can be increased to 30% within 10 years.”
In 2018, the bilateral import and export value of Malaysia and China was US $ 77.77 billion, an increase of 14.9%. Among them, Malaysia ’s exports to China were US $ 34.41 billion, an increase of 17.2%, accounting for 13.9% of Malaysia ’s total exports; China ’s imports from China were US $ 43.36 billion, an increase of 13.2%, and accounted for 20.0% of Malaysia ’s total imports. According to statistics from the Malaysian Statistics Bureau, the total import and export trade of Malaysia last year was 465.1 billion U.S. dollars.
According to data from the Ministry of Commerce of the People’s Republic of China, in the first half of this year, bilateral trade between China and Malaysia continued to maintain a strong momentum of US $ 57.35 billion, an increase of 10.7% year-on-year, and imports and exports also increased.
Dr. Wang Jianmin told First Financial and Economics reporter that although Malaysian food was more sought-after at the Expo, from the perspective of bilateral economic and trade data, imports and exports dominated mechanical and electrical products. According to Malaysian estimates, this proportion accounts for about 40% of bilateral trade.
In October of last year, China’s Suzhou-based company, Tom Rich Microelectronics, acquired an integrated circuit manufacturing plant in Penang, Malaysia. “In the future, more and more Chinese mechanical and electrical enterprises will enter the Malaysian market.” Dr. Wang Jianmin said. In his view, in addition to the impact of Sino-US trade frictions, Malaysia’s advantages in terms of talent reserves, material flow, and operating costs are all attracting more Chinese mechanical and electrical enterprises to invest in Malaysia and set up Main factors for regional headquarters.
While encouraging Chinese entrepreneurs to invest in Malaysia, Dr. Wang Jianmin hopes that Chinese companies will cooperate with local manufacturers in Malaysia to continue the localization process. “In the early days, when many large Chinese companies came to Malaysia for development, especially manufacturing companies, they would import a large amount of raw materials from China, but from a localization perspective, we still hope that Chinese companies investing in Malaysia can make more use of local resources and personnel.” He said.
In addition to cooperation in manufacturing, Dr. Wang Jianmin also hopes to find opportunities in Chinese companies’ leading artificial intelligence, big data, industry 4.0, etc., and become a new force in bilateral trade between China and Malaysia.