Malaysia will be seeking to reinforce its economic relation with US when the Senior Minister Of International Trade and Industry Dato Seri Mohamed Azmin Ali, makes an official visit to the largest economy this week.
The trade and investment mission is an important one as Malaysia will be able to engage with American business counterparts and further enhance Malaysia-US economic cooperation. Based on the official MITI statement sent to BusinessToday, the trip will focus on broad bilateral linkages opportunities with a central agenda on ESG and supply chain resilience. In Washington, D.C., Dato’ Seri Azmin is scheduled to have bilateral meetings with the Hon. Gina M. Raimondo, the US Secretary of Commerce; and H.E. Ambassador Katherine Tai, the US Trade Representative. The meetings will highlight Malaysia’s capabilities and capacities in strategic sectors, including advancing ESG in trade and investment as well as the Indo-Pacific Economic Framework (IPEF) in respect of US economic commitment to the region.
Dato’ Seri Azmin and Gina Raimondo will also be signing a Memorandum of Cooperation between Malaysia and the US to promote deeper bilateral cooperation in the semiconductor supply chain resilience efforts. The MoC undoubtedly demonstrates Malaysia’s significant role in ensuring the stability of the global supply chain in the manufacturing sector and its related services.
The Government’s strong commitment to advancing a green economy, business-friendly policies, and comprehensive measures aimed at solidifying bilateral cooperation with key industry partners will catalyse Malaysia’s value creation in advancing the nation’s competitiveness. This is in line with the national aspiration toward net-zero greenhouse gas emissions by 2050 as stipulated under the Twelfth Malaysia Plan. Notably, the National Investment Aspirations will feature prominently
be the core discussion topic during the Mission.
This Mission will also include facility visits and one-to-one business meetings with prominent American companies as well as potential investors in high-value sectors, including Electrical and Electronics (E&E), medical devices, metal technology,
telecommunication, furniture, and services. This engagement is targeted to secure new business opportunities and attract high technology, capital-intensive as well as high value-added investments with high-income jobs. In 2021, the US was Malaysia’s third-largest trading and export destination, as well as the fourth-largest source of imports. Total trade between the two countries grew by 21.4% to RM217.10 billion (USD52.37 billion) compared to 2020. Malaysia’s exports to the US increased by 30.4% to RM142.20 billion (USD34.31 billion) mainly contributed by higher exports of E&E and rubber products. Imports from the U.S. also grew by 7.4% valued at RM74.87 billion (USD18.06 billion), contributed by higher imports of E&E and metal products.
The US is the fourth-largest foreign investor in Malaysia in terms of implemented manufacturing projects, with a total of 840 manufacturing projects worth RM84.97 billion (USD24.3 billion) that create 188,396 jobs. Major investments from the US are
in the E&E, Machinery & Equipment, and Chemical sectors.
