Investments in Malaysia soar 18% in July as international partnerships pay off
17 Sep 2024
Malaysia saw an 18% surge in investments in July, reflecting the country’s strategic focus on driving growth through innovation and strong international partnerships.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said with trade numbers up by 9.28%, reaching RM1.6 trillion, the government’s commitment to stimulating investment, particularly with China, is proving effective.
“China remains Malaysia’s largest trading partner for the 15th consecutive year, contributing to nearly 18% of Malaysia’s total trade as the trade relationship has amounted to RM451 billion in 2023,” he said at a partnership signing ceremony between MY EG Services Bhd (MyEG) and Federation of Malaysian Freight Forwarders (FMFF) today.
Tengku Zafrul said recent developments, such as the extension of the Malaysia-China Five-Year Economic and Trade Cooperation Programme (2024–2028), reflect both nations’ commitment to enhancing cooperation in commerce, digital economy, logistics, and small and medium enterprises.
“As part of our efforts to modernise trade processes, Malaysia and China have also established a National Single Window (NSW) to facilitate cross-border trade. This is a reflection of the commitment of both governments to leverage technology in trade,” he added.
Tengku Zafrul said Malaysian Investment Development Authority and the Ministry of Investment, Trade and Industry (Miti) have prioritised the NSW’s integration with Asean’s Single Window, anticipating Malaysia’s chairmanship of Asean next year.
Meanwhile, MyEG has announced a collaboration with FMFF to promote the adoption of ZTrade among FMFF members and to establish the cross-border trade facilitation platform as the NSW.
The partners signed a memorandum of understanding, agreeing to work together on several initiatives related to the positioning of ZTrade as the NSW for domestic trade as well as cross-border trade to and from Malaysia. These include promoting the platform to businesses and government ministries and agencies, providing training and support to users of the platform, and introducing and jointly market services presently on ZTrade to FMFF members.
ZTrade is a Web 3 platform that provides verification and exchange of digitised trade documents for the trading of goods between China and its global trading partners. By leveraging ZTrade’s digital solutions, customs clearance can be expedited as there will no longer be any need for manual document verification.
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Tengku Zafrul said the ZTrade platform, based on blockchain technology, is at the forefront of innovations, empowering businesses to manage trade documents efficiently and track shipments in real-time. “With ZTrade’s implementation, Malaysia is positioning itself as a key player in global trade, while fostering a more competitive and business-friendly environment.”
As Malaysia strengthens its economic ties with China, the nation is poised for continued growth and prosperity, driven by strategic investments, technological advancements, and a robust commitment to international trade, he added.
Source: The Sun
