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[UPDATED] Malaysia eyes RM3.2bil potential exports from China

BEIJING: Malaysia has received potential exports worth RM3.2 billion following meetings with Chinese investors yesterday (Nov 6).

Investment Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said some of these investments were still under discussion, while others were at the final stages of confirmation.

"There are projects that are in their final stages and some are still under discussion, showing a positive increase.

"We will announce the total investment amount in the near future," he said told an exit press conference with the Malaysian media today on the last day of of his work trip in China.

Tengku Zafrul said these were achieved during a roundtable session with 24 companies from various sectors, including semiconductors, aerospace, electric vehicles, automotive, and medical devices.

"There were also companies from the trade sector, particularly chemical products and agricultural produce, at the session."

Earlier, Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, held a business meeting with China International Capital Corp (CICC), a multinational investment management and financial services company owned by the Chinese government.

China has been Malaysia's largest trading partner globally for 15 consecutive years since 2009.

In 2023, trade with China reached RM450.84 billion (US$98.80 billion), representing 17.1 per cent of Malaysia's global trade, and by September 2024, the recorded trade value was RM355.15 billion (US$76.72 billion).

In the first quarter of 2024, a total of 15 manufacturing projects were carried out with an investment value of RM1.2 billion (US$252.5 million).

This marks Anwar's third visit to China as prime minister, following his first in March 2023 and his second in September that year.

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