KUALA LUMPUR (8 May): Expanding opportunities for bilateral linkages with a core program on Environment, Social and Governance (ESG), as well as supply chain resilience, will be the primary focus of the Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali’s trade and investment mission to the United States.
Scheduled for May 9-18, the trip aims to strengthen Malaysia’s value proposition as a preferred investment destination and business partner.
“The mission is paramount for Malaysia to engage with its American trade counterparts and further strengthen economic cooperation between Malaysia and the United States,” the Ministry of International Trade and Industry (Miti) said in a statement. communicated today.
In Washington, the minister is due to meet Gina M Raimondo, the American Secretary of Commerce, and Ambassador Katherine Tai, the American Trade Representative.
The meetings will highlight Malaysia’s capabilities and capacities in strategic sectors, including the promotion of ESG in trade and investment and the Indo-Pacific Economic Framework (IPEF).
Mohamed Azmin and Raimondo would also sign a Memorandum of Cooperation (MOC) between Malaysia and the United States to promote deeper bilateral cooperation in semiconductor supply chain resilience efforts.
The MOC undoubtedly demonstrates Malaysia’s important role in ensuring the stability of the global supply chain in manufacturing and its related services, the ministry said.
“The government’s strong commitment to advancing a green economy, business-friendly policies and comprehensive measures to consolidate bilateral cooperation with key industrial partners will catalyze Malaysia’s value creation to advance the country’s competitiveness.
“This is in line with the national aspiration towards net zero greenhouse gas emissions by 2050 as stipulated in Malaysia’s 12th plan,” Miti said.
Notably, the policy on national investment aspirations will figure prominently in the main topic of discussion during the mission.
This mission, he said, would also include facility tours and one-on-one business meetings with leading U.S. companies as well as potential investors in high-value sectors, including power. and electronics (E&E), medical devices, metals technology and telecommunications. .
The commitment aims to secure new business opportunities and attract high-tech, capital-intensive and high value-added investments with high-income jobs.
In 2021, the United States was Malaysia’s third largest trade and export destination, as well as the fourth largest source of imports. Total trade between the two countries increased by 21.4 percent to RM217.10 billion ($52.37 billion) from 2020.
Malaysia’s exports to the United States increased by 30.4% to RM142.20 billion, mainly driven by higher exports of E&E and rubber products. Imports from the United States also increased by 7.4%, valued at RM74.87 billion ($18.06 billion), thanks to higher imports of E&E and metal products.
The United States is the fourth largest foreign investor in Malaysia in terms of manufacturing projects implemented, with a total of 840 manufacturing projects worth RM84.97 billion that created 188,396 jobs.
The main US investments are in the E&E, machinery and equipment, and chemicals sectors. – Bernama