KUALA LUMPUR, May 27 — Malaysia’s trade and investment mission to Latin America recently generated potential sales of RM29.1 million within eight sectors and investments worth RM840 million in regional distribution and manufacturing sectors.

The eight sectors are information and communications technology (ICT) and Internet of Things (IoT), system integration, design and process consultancy, electrical product, machinery, agro food, education, and other services.

Led by International Trade and Industry Minister Datuk Darell Leiking, the trade and investment mission consisted of visits to Santiago, Chile; Buenos Aires, Argentina; as well as Brasilia and Sao Paulo, both in Brazil. Malaysia’s last mission to Brazil was in 2007 and Chile in 2016.

The Minister was accompanied by Malaysia Automotive, Robotics and IoT Institute (MARii) chief executive officer Datuk Madani Sahari and senior officials from the Ministry of International Trade and Industry (MITI), Malaysia External Trade Development Corporation (MATRADE) and Malaysian Investment Development Authority (MIDA). Ten Malaysian delegates from seven companies also joined the mission representing the eight sectors.

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MITI in a statement today said Leiking and the official delegation reconnected with the respective governments’ top officials and agreed to strengthen bilateral trade and economic relationships through structured platforms like trade agreements, investment cooperation agreement and to explore the possibility of a Malaysia-Mercosur Free Trade Agreement.

Mercosur is an economic and political bloc comprising Argentina, Brazil, Paraguay and Uruguay.

MITI said fruitful and ground-breaking discussions were also held with business chambers and associations as well as companies.

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During the mission, Leiking and the delegation promoted Malaysia as a regional hub and the springboard into ASEAN marke, highlighting the tremendous benefits that would arise from the Regional Comprehensive Economic Partnership (RCEP).

The ongoing RCEP negotiations are expected to be concluded by the end of 2019.

Apart from the traditional sectors like retail, furniture, palm oil and electrical and electronics, Malaysia also offered to partner and share expertise with Chile, Argentina and Brazil in Industry 4.0, robotics, IoT, automotive and aerospace spare parts and components sectors, as well as in the halal industries.

In conjunction with the mission to Brazil, a seminar on “Business Opportunities in Malaysia as Gateway to ASEAN” was also organised in Sao Paulo on May 23, 2019.

The seminar attracted 157 participants from the manufacturing and services sectors.

A total of 56 business meetings were held between seven Malaysian companies and 42 Brazilian companies.

The seminar highlighted the trade and investment opportunities as well as prospects in business collaboration in Malaysia. — Bernama