KUALA LUMPUR – International Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz has confidence in Malaysia’s ability to recover economically at the previously forecast rate.
He said, however, that farsighted goals should be set for the investment and trade industry as significant progress in the field requires vast amounts of time.
“It takes time to build factories and for people to start working, but once work begins, it is for the long term,” he told reporters after the ministry’s breaking-of-fast event.
He added that it is fortunate how Malaysia’s local economy benefits from “supply chain realignments”, which he said is partly caused by “trade tensions” between economic superpowers.
“Companies are moving (their investments) to Malaysia because they want a reliable and secure supply chain,” he said.
He also noted that other Asean countries are seeking to jump on the opportunity presented by investors casting their net for a more resilient supply chain.
Pointing to the prime minister’s recent official trip to China, Zafrul said the visit was utilised to secure investment and trade opportunities.
Speaking to reporters at the event today, Zafrul said that ministry representatives made sure to engage with multiple companies in the economic giant.
“We want to make sure that Malaysia has a demand in China (as) we cannot forget about our export industry.
“During the trip, China committed to buying RM2.44 billion worth of Malaysian exports,” he recalled. – The Vibes, April 5, 2023
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