KUALA LUMPUR, Nov 21 — The government is constantly devising strategies and finding the best way to mitigate the impact of the trade war between the United States and China on the country.
International Trade and Industry Minister Datuk Darell Leiking said among them were special efforts targeted at Malaysian companies operating in China to promote the country as an alternative regional production hub.
“For example, the Malaysia External Trade Development Corporation (MATRADE) in the US, has intensified the promotional activities to encourage US importers who had previously purchased most of their products from China, to consider Malaysia as a new alternative import target,” he said during an oral question-and-answer session at the Dewan Rakyat sitting today.
Darell said this in his reply to a question from Datuk Halimah Mohamad Sadique (BN-Kota Tinggi) about Malaysia’s stance on the US-China trade war as Malaysia has diplomatic and trade relations with both countries.
He also said that in line with the Budget 2020 presentation, a special channel would be set up under his ministry’s agency, InvestKL, to attract the high tech, high value and high impact investment from China.
“This initiative is aimed at attracting and facilitating foreign direct investment from Chinese companies and multinational companies based in China, to expand or diversify manufacturing operations to Malaysia,” he said.
He added that the Asia-Pacific Economic Cooperation (Apec) Summit to be held here next year would provide a platform for both major countries as well as other countries to achieve economic cooperation. — Bernama