KUALA LUMPUR: Malaysia’s recent trade and investment mission to China has generated potential exports worth RM3.2 billion, an expansion from the RM2.44 billion announced previously, after it was extended to Hong Kong.
International trade and industry minister Tengku Zafrul Aziz revealed that among others, Press Metal Aluminium Holdings Bhd received order commitments for its aluminium products.
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 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.
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,” Tengku Zafrul said.
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 would monitor and realise the investment commitments received from China.
“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 was about 17.1% of Malaysia’s total global trade worth 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 amounting to RM17.60 billion.