Transparent engagement and compliance are among the ways of minimising the risks of United States tariffs and restrictions, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said this was crucial in light of concerns over the US tariffs and restrictions which may impact Chinese products manufactured here.
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The Investment, Trade and Industry Minister said this was crucial in light of concerns over the US tariffs and restrictions which may impact Chinese products manufactured here.
Read more at https://bit.ly/40Lnxcu
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00I would like to ask Minister of Trade and Industry to state the government's steps in dealing with geopolitical issues and the uncertainty of global trade,
00:15especially the possibility of increasing prices that will have an impact on Malaysian exports, especially to the United States,
00:23which involves strategic sectors such as semiconductors and electronics. Thank you, Mr. President.
00:29Thank you, Mr. Speaker.
00:34Malaysia and the United States have had diplomatic relations since 1957.
00:42To date, the two countries have maintained harmonious and progressive trade and investment relations.
00:49By 2024, the United States will be the third largest trading partner in Malaysia,
00:55with a total trading volume of almost Rp325 billion, which is 11% of Malaysia's total trading volume.
01:05And exports to the United States amount to almost Rp200 billion, which is 13% of Malaysia's total exports,
01:12while imports from the United States amount to Rp126 billion, which is more or less 9% of Malaysia's total imports.
01:22In terms of investment, the United States is one of the largest investors,
01:26and to date, Malaysia has been the destination for investment choices for more than 600 American companies,
01:32and Mr. President, thank you very much for your help.
01:35In this context, the government is trying to take proactive steps in maintaining and strengthening
01:43a good and dynamic trade and investment relationship with the United States
01:48so that there will be no increase in prices such as China, Canada and Mexico.
01:55In line with Malaysia's position as a trading and non-partisan country,
02:01which is the practice of Malaysia in dealing with trade wars between the United States and other countries,
02:08it is important for Malaysia, and therefore the government will ensure that Malaysia remains a trading and investment partner
02:14that can be trusted by all its trading partners, including the United States.
02:20This includes through a conducive investment ecosystem,
02:23in line with the rules of export control and effective strategic trade management,
02:29as well as international trade agreements that reassure investors.
02:35And based on the record, the total export value of goods in 2024, which we just announced,
02:43is Rp 1.5 trillion, where 40% of all goods exported from Malaysia is E&E.
02:53Out of the total E&E exports, 64% are semiconductor products.
02:59In 2024, the US market is among the top three semiconductors exported from Malaysia.
03:09At present, the increase in prices is limited to a few countries, not including Malaysia.
03:14Therefore, the Ministry of Finance considers the risk of a negative impact on export performance of semiconductors to be minimal for the time being.
03:23In addition, the investment record shows that investment from the US is still strong and is one of the largest investors in our country.
03:32The total investment in 2024 is Rp 5.1 billion for the first nine months.
03:41Malaysia has also signed the MOC on Semiconductor Supply Chain Resilience with the US in 2022.
03:51This effort demonstrates the commitment of both countries to ensure a strong supply chain of semiconductors and resilience,
03:59as well as strengthen the economic and strategic relations between Malaysia and the US.
04:05We are confident that the existing investors from the US will remain in Malaysia and continue to develop to strengthen not only the US chain, but also their global chain.
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