THURSDAY, NOVEMBER 12, 2020, KUALA LUMPUR: A virtual MoU signing ceremony between Malaysia External Trade Development Corporation (MATRADE) and Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia) was held during the ‘Belt and Road Trade Fair’ in conjunction with the 3 rd China International Import Expo (CIIE) in Shanghai on 6 November, 2020. The MoU was signed by YBhg. Dato’ Wan Latiff Wan Musa, Chief Executive Officer of MATRADE and Mr. Wang Qiang, Chief Executive Officer cum Managing Director of ICBC Malaysia.
The aim of the MoU is to formalize the cooperation of both parties to strengthen and develop Malaysia-China economic and trade development as well as cross border investment cooperation on the basis of mutual benefit.
According to Dato’ Wan Latiff, MATRADE welcomes the collaboration with ICBC Malaysia, adding that “this initiative will further improve the synergy between MATRADE and ICBC in creating a strong foothold for Malaysia in China particularly in implementing our trade promotion programmes, including business matching, trade advisory information, international business consultations, trade fairs and trade missions”.
The ‘Belt and Road Trade Fair’ were organised by the China Council for the Promotion of International Trade and the Industrial and Commercial Bank of China. More than 500 business representatives from 32 countries and regions participated in the business matching (physical & virtual) with 6 Malaysian companies participated in the online matching utilising the ICBC Business Match Making (BMM) Platform.
“In the current challenging period of doing business amid the global pandemic, MATRADE will continue to support and promote the bilateral trade and potential collaborations between Malaysia and China using multiple channels which include the ICBC Business Matchmaker (“BMM”) Platform. The platform is considered an excellent channel for Malaysian exporters to reach out to millions of ICBC’s clients not only China but also globally” Wan Latiff added.
In September 2020, trade with China contributed 19.8% to Malaysia’s total trade, recording an expansion of 21.5% year-on-year to RM30.85 billion. Exports to China sustained double digit growth for 4 consecutive months, surging by 41.9% to RM15.56 billion mainly on higher exports of E&E products, iron and steel products as well as palm oil and palm oil-based agriculture products. Imports from China expanded by 6.1% to RM15.29 billion.
On a month-on-month basis, trade, exports and imports recorded double digit growth of 11.4%, 11.3% and 11.4%, respectively.
Trade with China during the period of January to September 2020 grew by 3% to RM237.15 billion compared to the same period of 2019. Exports recorded double digit expansion of 13.3% to RM114.54 billion, boosted by higher exports of iron and steel products, other manufactures (SSD), manufactures of metal as well as palm oil and palm oil-based agriculture products. Imports from China decreased by 5.1% to RM122.61 billion.