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BUSINESS

MIDA: RCEP serves as tool for Malaysia's economic recovery

22/02/2021 07:30 PM

KUALA LUMPUR, Feb 22 -- The Regional Comprehensive Economic Partnership (RCEP) will serve as an economic recovery tool in the midst of the COVID-19 pandemic, said the Malaysian Investment Development Authority (MIDA).

The agency’s Foreign Investment Promotion Division senior deputy director, May Lim Ming Yee said the signing of the free trade agreement was timely, given the current situation, as it would facilitate and protect investments of participating countries and tariff elimination, among others.

"Businesses can enjoy wider market access and cross-border opportunities with the RCEP market," she said during MIDA’s online webinar themed ‘China’s Investment in Malaysia and Latest Investment Policy 2021’ today.

During the discussion, MIDA Foreign Investment Promotion Division assistant director, Por Yee Yun said between January and September 2020, China topped the list of approved investments by major countries in Malaysia’s manufacturing sector at RM16.77 billion, followed by Singapore (RM7.61 billion) and Switzerland (RM2.77 billion).

"Approved investments from China in the manufacturing sector is on an uptrend, and China was the largest foreign direct investment (FDI) contributor for the last four years, recording RM15.3 billion in 2019 and RM16.77 billion as of the third quarter of 2020," she said. 

To attract Chinese FDI into Malaysia, she said, the focus should be on electric and electronics, machinery and equipment, chemical, medical devices and aerospace.

"The sectors also include automotive, transport, textiles, pharmaceuticals, metal, food processing and services," she added.

-- BERNAMA

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