Minister: Malaysia-China trade likely to rise to US$100b this year

International Trade and Industry Minister 2, Datuk Seri Ong Ka Chuan, said in 2016, the value of Malaysia-China trade fell to US$86.7 billion from US$100 billion the previous year dampened by the ringgit depreciation. — File pic
International Trade and Industry Minister 2, Datuk Seri Ong Ka Chuan, said in 2016, the value of Malaysia-China trade fell to US$86.7 billion from US$100 billion the previous year dampened by the ringgit depreciation. — File pic

KUALA LUMPUR, Jan 23 — Total trade between Malaysia and China is likely to increase to US$100 billion (US$1 = RM4.44) this year, supported by growth in new potential areas such as creative contents. 

International Trade and Industry Minister 2, Datuk Seri Ong Ka Chuan, said in 2016, the value of Malaysia-China trade fell to US$86.7 billion from US$100 billion the previous year dampened by the ringgit depreciation. 

“The potential (for growth in trade with China) is still big. As such, we need to promote not only physical trading cooperation, but also creative and art to bring a lot of economic returns to our country.

“I’m optimistic we will come back strong in terms of trade this year,” he said.

He was speaking to reporters from Malaysia and China after witnessing the signing of memorandum of understanding between Malaysia External Trade Development Corp (Matrade) and China Intercontinental Communication Co Ltd (CICC) here today. 

Matrade’s Chief Executive Officer, Datuk Dzulkifli Mahmud, and CICC Vice-President, Jing Shuiqing, signed the MOU.

The MOU aims to strengthen communication and cooperation between media organisations in China and Malaysia by leveraging on China’s One Belt, One Road initiative.

Under the MOU, Matrade and CICC will work together to link industry players from both countries to embark on exchange of creative contents such as films, documentaries and television shows, among others, and business-matching for the purpose of driving trade of creative contents for both nations. 

Ong anticipated the MOU would support the export of creative contents to China, rising by two-three per cent this year from RM6.8 billion in 2015.  Creative contents contributed RM9.55 billion and represented 6.4 per cent of the total gross domestic product in last year. — Bernama