KUALA LUMPUR, July 18 ― The government encourages substituting imports from the United States with products from Malaysia to reduce risks of a trade conflict between the country and China, said Deputy International Trade and Industry Minister Ong Kian Ming.
He told the Dewan Rakyat that the government also encouraged the realignment of investment by target companies affected by the prolonged trade conflict between the world’s two biggest economies.
The government according to him, also facilitated the relocation of investments and production to Malaysia by large companies with existing operations in China and Malaysia.
Existing companies operating in Malaysia which plan to expand or reinvest to meet increased imports by the United States would also be assisted, he said.
He was responding to a question from Datuk Seri Hasan Arifin (BN-Rompin) on measures taken by the government to tackle effects arising from the trade war between China and the United States.
Apart from trade and investment promotional programs abroad, the government said Ong, was also working on several initiatives to help foreign companies or investors to find suitable contract manufacturers in Malaysia for the production of their products in the country.
“Besides, multinational companies based in Malaysia will also be helped to replace imports through the 'Global Sourcing and Partner Development Program',” he said. ― Bernama
