Malaysia needs diverse trading partners to explore new solar market – MITI
17 Oct 2024
Malaysia plans to diversify its trading partners to explore new solar export markets amid geopolitical tensions and the ongoing trade war between China and the United States, according to the Investment, Trade and Industry Ministry (MITI).
Its minister Tengku Datuk Seri Zafrul Abdul Aziz emphasised that Malaysia, as the fifth largest economic bloc, maintains strong relationships with all parties regarding trade, investment and diplomatic matters.
“As a trade-based nation, we adopt a neutral and non-aligned stance, given that both the US and China are crucial for trade and investment in ASEAN countries,” he told Bernama.
Tengku Zafrul noted that Malaysia’s position as Chairman of ASEAN 2025 provides an advantage in addressing these issues.
Recently, the US imposed a tariff of 9.13 per cent on solar cell imports from Malaysia, while other Southeast Asian nations faced different rates: Cambodia at 8.25 per cent, Thailand at 23.06 per cent, and Vietnam at 2.85 per cent.
He reiterated Malaysia’s objection to the solar import duty and argued that companies with a minimum of 40 per cent local content should be exempt from the tariff.
“Solar is an affordable solution that supports the global effort to achieve net zero emissions. Therefore, I urge the US to give due consideration to solar companies based in Malaysia,” he added.
Source: Bernama
