Dato Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry along with senior officials of MITI just arrived in Frankfurt, Germany to kick-off the TIM to the Federal Republic of Germany, Republic of France and the United Kingdom (UK).
The Trade and Investment Mission (TIM), taking place from October 13 to 21, 2021, to Europe is to visit companies among the pioneers in smart manufacturing, automotive, electric & electronics, medical devices, and high-tech industries as well as trailblazers in sustainable development, green agenda and digital trade not only in the European region but also globally. Additionally, these countries have also outlined policies and strategies to achieve a net-zero Greenhouse Gas (GhG) emissions target by 2050.
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, the Senior Minister is also scheduled to meet global automotive leaders, Porsche AG and Daimler AG in Stuttgart that have made strides in Electric Vehicle (EV) development, befitting Malaysia’s direction to advance new growth areas that embody ESG elements.
In 2020, Germany was Malaysia’s largest trading partner and second-largest source of FDIs among the European Union (EU) member states. From January to August 2021, total bilateral trade with Germany reached RM35.45 billion (USD8.59 billion), with exports and imports were recorded at RM18.75 billion (USD4.55 billion) and RM16.70 billion (USD4.05 billion) respectively. Large investments from Germany are in electrical and electronics products, chemical and chemical products, as well as petroleum products.
Meanwhile, within the EU, France was reported as 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 reached RM8.37 billion (USD2.03 billion), with exports to France stood at RM3.64 billion (USD0.89 billion), while imports were at RM4.73 billion (USD1.15 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 United Kingdom from January until August 2021 reached RM11.19 billion (USD2.72 billion) contributed by exports at RM6.52 billion (USD1.58 billion), and total imports at RM4.67 billion (USD1.13 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.
