Malaysia's trade performance continues to improve, says Tengku Zafrul
The Second Malaysian Banking Conference in Kuala Lumpur hosted a press conference where Tengku Datuk Seri Zafrul Abdul Aziz, the Minister of Investment, Trade, and Industry, was present.
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Saturday, July 1st, 2023 at 7:01 PM in Malaysia.
According to Miti, the Ministry of Investment, Trade and Industry, Malaysia's trade results are getting better due to various investments such as local direct investments and foreign direct investments.
Tengku Datuk Seri Zafrul Abdul Aziz, the Minister in charge of Investments, Trade, and Industry, expressed that the positive outcomes were not solely due to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), but also owed to different types of agreements such as multilateral agreement, free trade agreement (FTA), and the Regional Comprehensive Economic Partnership Agreement (RCEP).
"After giving a speech at the Australian Network Leaders' Summit 2023, he informed the media that a total of 18 free trade agreements have been signed to date. It is evident that the volume of trade is continuously growing," he stated during his interaction with journalists.
These trade deals support our sellers in reaching the global marketplace.
In his main speech, Tengku Zafrul stated that under his leadership at Miti, Malaysia's trade and investment endeavors have successfully attracted investments from four nations, totaling a substantial amount of US$49 billion (RM230 billion).
Singapore, with an impressive RM13 billion, South Korea, boasting an astonishing RM24 billion, China, with a staggering RM170 billion, and Japan, with a remarkable RM23 billion, make up the quartet of nations in focus.
“This serves as proof of the trust that international investors hold in Malaysia, which enables policymakers such as myself and my peers to create countless possibilities for our companies, small and medium-sized businesses, and fellow Malaysians in different industries," he stated.
He mentioned that Malaysia's authorized investments in the initial quarter of this year observed an extraordinary 60 percent increase compared to the previous year, reaching a total of RM71.4 billion.
According to Tengku Zafrul, more than 1,200 projects have been accounted for these statistics, which are expected to lead to the emergence of 24,000 fresh employment prospects.
Tengku Zafrul emphasized that the current concern demanding immediate attention from the government is the perception surrounding the necessity to accelerate the process of approving businesses.
"The government, along with relevant authorities, will prioritize streamlining the necessary authorizations for both local and foreign investors," he remarked.
