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KUALA LUMPUR, March 2 -- UOB Group said the US-China trade tensions and the ongoing COVID-19 pandemic has benefited Malaysia’s exports as shipments to its top three trade partners, China, Singapore and the United States, had risen during the current period.
In a research note today, the banking organisation said Malaysia’s exports to China rose by RM60 billion between 2016 and 2020, while exports to the US grew by RM28.6 billion and exports to Singapore expanded by RM27.7 billion.
UOB senior economist Julia Goh said challenges remain in strengthening Malaysia’s investments and trade linkages going forward.
“Malaysia’s approved investments signal higher foreign direct investment (FDI) interest, particularly from China and the United States.
“But global macro conditions will be the prime driver of actualised investments over the next two to three years,” she said.
Goh explained that policies should also be aligned to shifting global trends to ensure Malaysia remains a competitive investment destination.
A holistic investment plan that engages investors to understand the issues hindering investments, improve investor services, and enhance the administration of investment incentives would help improve the investment climate, she said.
Malaysia has outperformed some of its regional peers and ranks eighth on China’s import list and 10th on the US import list.
Based on the US import data, imports from Malaysia gained US$7.6 billion (US$1=RM4.06) between 2016 and 2020.
Based on China’s import data, China’s imports from Malaysia grew by US$25.7 billion over the same period.