KUALA LUMPUR – Malaysia External Trade Development Corporation (Matrade) is forging a collaboration with Industrial and Commercial Bank of China (Malaysia) Bhd (ICBC) to boost the Malaysian business community’s market access into China.
The two parties recently inked a memorandum of understanding (MoU) to formalise the cooperation to strengthen Malaysia-China economic and trade development as well as cross-border investment cooperation on the basis of mutual benefit, the trade promotion agency said.
“This initiative will further improve the synergy between Matrade and ICBC in creating a strong foothold for Malaysia in China particularly in implementing our trade promotion programmes, including business matching, trade advisory information, international business consultations, trade fairs and trade missions,” Matrade chief executive officer (CEO) Datuk Wan Latiff Wan Musa said in a statement.
Matrade and ICBC held a virtual MoU signing ceremony during the Belt and Road Trade Fair in conjunction with the third China International Import Expo in Shanghai on Nov 6, 2020.
The MoU was signed by Wan Latiff and ICBC Malaysia CEO and managing director Wang Qiang.
The Belt and Road Trade Fair was organised by the China Council for the Promotion of International Trade and the Industrial and Commercial Bank of China.
More than 500 business representatives from 32 countries and regions participated in the business matching (physical and virtual), with six Malaysian companies participating in the online matching utilising the ICBC Business Match Making (BMM) platform.
“In the current challenging period of doing business amid the global pandemic, Matrade will continue to support and promote the bilateral trade and potential collaborations between Malaysia and China using multiple channels which include the ICBC BMM platform.
“The platform is considered an excellent channel for Malaysian exporters to reach out to millions of ICBC’s clients not only China but also globally,” Wan Latiff added.
In September 2020, trade with China contributed 19.8% to Malaysia’s total trade, recording an expansion of 21.5% year-on-year to RM30.85 billion.
Exports to China, which sustained double-digit growth for four consecutive months to September, surged by 41.9% for the month to RM15.56 billion mainly on higher exports of electrical and electronic products, iron and steel products as well as palm oil and palm oil-based agriculture products.
Meanwhile, imports from China expanded by 6.1% to RM15.29 billion.
On a month-on-month basis, trade, exports and imports recorded double-digit growth of 11.4%, 11.3% and 11.4%, respectively.
Trade with China during the first nine months of this year grew by three per cent to RM237.15 billion compared to the same period of 2019.
Exports recorded double-digit expansion of 13.3% to RM114.54 billion, boosted by higher exports of iron and steel products, other manufactures (solid-state storage devices), manufactures of metal as well as palm oil and palm oil-based agriculture products. Imports from China decreased by 5.1 per cent to RM122.61 billion. – Bernama, November 12, 2020
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