KUALA LUMPUR: International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali has arrived in Frankfurt, Germany, on a trade and investment mission (TIM) to further strengthen bilateral economic relations between Malaysia and European economic powerhouses.
The mission, which takes place from Oct 13-21, 2021, would also cover France and the United Kingdom (UK), the Ministry of International Trade and Industry (MITI) said.
"Additionally, these countries have also outlined policies and strategies to achieve a net-zero greenhouse gas emissions target by 2050, aligned with the country's 12th Malaysia Plan (12MP) aspirations," the ministry said in a statement.
The Senior Minister is accompanied by senior MITI officials on the mission, which aims to demonstrate the Malaysian government's business-friendly policies and capabilities in strategic areas such as sustainability, high end manufacturing and Industry 4.0.
"The TIM will also include engagement with industry leaders as well as prominent European investors to further explore future business prospects in Malaysia," MITI said.
Leveraging on the engagements, including with his counterparts, Mohamed Azmin will also be sharing Malaysia's National Recovery Plan, the 12MP and National Investment Aspirations (NIA).
Commencing his mission to Germany, the Senior Minister is expected to meet the Federal Association of Materials Management, Purchasing and Logistics eV (BME) which has a membership of more than 9,000 logistic players in Germany and Europe.
Additionally, Mohamed Azmin is also scheduled to meet global automotive leaders, Porsche AG and Daimler AG in Stuttgart, which have made strides in electric vehicle (EV) development, befitting Malaysia's direction to advance new growth areas that embody ESG (environmental, social and governance) elements.
In 2020, Germany was Malaysia's largest trading partner and second largest source of foreign direct investments among the European Union (EU) member states.
From January to August 2021, total bilateral trade with Germany reached RM35.45 billion (US$8.59 billion), with exports and imports recorded at RM18.75 billion (US$4.55 billion) and RM16.70 billion (US$4.05 billion), respectively.
Meanwhile, within the EU, France was Malaysia's fourth largest trading partner and third largest source of FDIs in 2020. From January to August 2021, overall trade between Malaysia and France hit RM8.37 billion (US$2.03 billion), with exports to France standing at RM3.64 billion (US$0.89 billion) while imports at RM4.73 billion (US$1.15 billion).
Chemicals and chemical products, machinery and equipment, transport equipment as well as petroleum products account for the majority of French investments in Malaysia.
In 2020, the UK was Malaysia's 18th largest trading partner globally. Total trade between Malaysia and the UK in the first eight months of this year reached RM11.19 billion (US$2.72 billion) contributed by exports at RM6.52 billion (US$1.58 billion) and imports at RM4.67 billion (US$1.13 billion).
Malaysia recorded major investments from the UK in the production of electrical and electronics products, chemical and chemical products as well as petroleum products.
-- BERNAMA
Bernama
Wed Oct 13 2021
Leveraging on the engagements, including with his counterparts, Mohamed Azmin will also be sharing Malaysia's National Recovery Plan, the 12MP and National Investment Aspirations. - BERNAMA
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.