Azmin, senior MITI officials on trade and investment mission to Europe

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