Malaysia, Japan reaffirm commitment to deepen trade and economic linkages: MITI

KUALA LUMPUR: Malaysia and Japan reaffirmed their commitment to further strengthen bilateral trade, investment and industrial ties for both countries' mutual benefit, said the Ministry of International Trade and Industry (MITI).

In a statement today, MITI said this commitment came after International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz hosted his counterpart Nishimura Yasutoshi and his delegation yesterday (Dec 28).

The one-hour maiden engagement covered key issues such as supply chain resiliency, the embracing of the environment, social and governance (ESG) concept in investments and industry, as well as possible mutual collaborations in sectors such as the energy and aircraft industries.

The discussion also centred around economic cooperation in various free trade platforms such as theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP), Asia Pacific Economic Cooperation (APEC) and the Indo- Pacific Economic Framework (IPEF).

"Both ministers also discussed the convening of the Malaysia-Japan Public-Private Industrial Dialogue in Kuala Lumpur (2023) and reaffirmed their commitment to solidify collaboration in line with the elevationof the Malaysia-Japan bilateral relationship to a comprehensive strategic partnership earlier this year," MITI said.

Tengku Zafrul expressed his gratitude to Japan for their unrelenting support to Malaysia thus far and reaffirmed Malaysia's continued commitment to the Look East Policy (LEP), which has underscored the strengthening of the Malaysia-Japan bilateral relationship over the past 40 years.

On this, MITI said Malaysia will continue to strategically work with Japan, particularly in areas such as ESG, artificial intelligence, the internet of things, robotics, smart manufacturing and renewable energy.

On ASEAN-Japan relations, both ministers pledged continued engagement, particularly as the ASEAN-Japan Friendship and Cooperation approaches its 50th-anniversary milestone in 2023.

Japan has been one of Malaysia's top sources of foreign direct investment with total investments amounting to RM90.9 billion (US$27.6 billion) recorded in 2021, creating 337,280 jobs.

Japan was also the fourth largest trading partner for Malaysia in 2021, with total trade amounting to RM149.76 billion (US$36.14 billion).

MITI said with the launch of the New Investment Policy (NIP) in October 2022, Tengku Zafrul emphasised the ministry's commitment to ensuring that Malaysia remains a preferred investment destination for all investors, including those from Japan.

Recognising the vast opportunities to deepen trade and economic linkages, both ministers reaffirmed their commitment to build on the Malaysia-Japan bilateral ties' positive momentum and to further advance both countries' economic interests.

-- BERNAMA