International Trade and Industry Minister Datuk Darell Leiking kicked start his trade and investment mission in the United States (US).
In his first stop in Washington DC, Darell met with Wilbur Ross, US Secretary of Commerce; Clete Willems, Deputy Assistant to the President for International Economic Affairs and Deputy Director of the National Economic Council; and Ambassador Robert Lighthizer, United States Trade Representative. The meetings provided opportunity in exchanging views to improve trade and investment relations, as well as understanding key concerns from both economies.
In his engagements with the US business community, Darell met with more than 26 companies in a roundtable discussion which was hosted by the US-ASEAN Business Council and the US Chamber of Commerce. Separate meetings with companies in the chemical and aerospace industry were also held. The US businesses were keen to understand about Malaysia’s trade and business policies, as well as Malaysia’s stand on various areas from free trade agreements, healthcare, digital economy, e-commerce to logistics.
In 2018, the US remained as Malaysia’s top trading nation in North America region and Malaysia’s third largest trading partner in the world at RM155.68 billion (USD38.57 billion, 8.3 percent share of Malaysia’s total trade). Exports to the US reached RM90.73 billion (USD22.48 billion), while imports from the US were RM64.94 billion (USD16.08 billion), both driven by manufactured goods.
In term of implemented projects, the US remains as the second largest investors in Malaysia in sectors such as electric and electronics, medical devices, renewable energy and aerospace valued at RM74.01 billion (USD21.86 billion). Malaysian companies have successfully ventured in the US in diverse sectors from entertainment and resort, oleo-chemical, industrial packaging, furniture to banking reaching over USD14 billion. — Bernama