MITI minister forges stronger ties with US counterparts, MNCS

KUALA LUMPUR, April 2 (Bernama) -- International Trade and Industry (MITI) Minister Datuk Darell Leiking is forging stronger ties with his counterparts from the United States (US) during a trade and investment mission to the country which kicked off yesterday.

The minister had met with US Secretary of Commerce Wilbur Ross, Deputy Assistant to the President for International Economic Affairs/ Deputy Director of the National Economic Council Clete Willems as well as US Trade Representative Robert Lighthizer in Washington DC.

“The meetings provided an opportunity to exchange views to improve trade and investment relations, as well as to understand key concerns from both economies,” said MITI in a statement today.

Darell also met with more than 26 companies in a roundtable discussion, hosted by the US-ASEAN Business Council and the US Chamber of Commerce, and held separate meetings with companies from the chemical and aerospace industry.

“The US businesses were keen to understand about Malaysia’s trade and business policies, as well as the country’s stand on various areas, ranging from free trade agreements, healthcare, digital economy, e-commerce to logistics,” MITI said.

 The six-day trade and investment mission to the US includes visits to Washington DC, New York, Seattle, San Jose and San Francisco, beginning April 1.

In 2018, the US remained as Malaysia’s top trading nation in the North American region and Malaysia’s third largest trading partner in the world with trades worth RM155.68 billion (US$38.57 billion or 8.3 per cent of Malaysia’s total trade).

Exports to the US stood at RM90.73 billion (US$22.48 billion) last year, while imports were at RM64.94 billion (US$16.08 billion), driven by manufactured goods.

In terms of implemented projects, the US remains as the second largest investor in Malaysia in sectors such as electric and electronics, medical devices, renewable energy and aerospace, with investments valued at RM74.01 billion (US$21.86 billion).

Malaysian companies have also successfully ventured into the US in various sectors, ranging from entertainment, oleochemical, industrial packaging, furniture and banking, among others.

-- BERNAMA