Datuk Lim Ban Hong, Deputy Minister of International Trade and Industry Malaysia delivered a keynote address virtually at the Opening Ceremony of the 28th China Lanzhou Investment and Trade Fair 2022 held on 7 July 2022 in Lanzhou, Gansu Province
This year Malaysia has been designated as the guest country of honour at the international trade fair. A total of 16 Malaysian companies based in the People’s Republic of China led by Malaysian Chambers in China (MayCham) participated by exhibiting Malaysian products and services in the Malaysia Pavilion at the Lanzhou Fair.
The Deputy Minister of International Trade and Industry Malaysia underscored the implementation of the Regional Comprehensive Economic Partnership (RCEP), which provides opportunities for the business community to reap the full benefits of this mega free trade agreement. “As such, Malaysia serves as a perfect regional hub for Chinese companies venturing abroad to expand and explore new business opportunities,” he added.
Malaysia-China (Gansu) Industrial, Investment Promotion and Economic, Trade Cooperation Conference 2022
In conjunction with the Lanzhou Fair, Malaysia and the People’s Republic of China jointly organised the “Malaysia-China (Gansu) Industrial, Investment Promotion and Economic, Trade Cooperation Conference” focusing on expanding investment and business opportunities in Malaysia and China.
The conference was graced by YB Senator Datuk Lim Ban Hong, Deputy Minister of International Trade and Industry, Malaysia (MITI) and His Excellency Gao Yunlong, Leader of Gansu Province People’s Government, China.
Approximately 330 local government representatives, business communities and the media from the Gansu Province attended the conference in person and virtually. Whereas from Malaysia, 16 companies joined the conference in person in Lanzhou and 100 participants tuned in virtually from Malaysia.
The Deputy Minister of International Trade and Industry Malaysia highlighted Malaysia’s unwavering commitments to deepen and strengthen bilateral economic and trade linkages with China, he added:
“Gansu Province is able to bridge Malaysia with other provinces in China to deepen the trade and economic ties between the two nations. Therefore, I urge the business leaders and relevant stakeholders from Malaysia and China, particularly from Gansu, to work in close partnership and capitalise on the potential of the Halal and palm oil industry.”
Additionally, Datuk Lim underscored that Malaysia serves as a perfect regional hub for Chinese companies venturing abroad to expand and explore new business opportunities. Therefore, Malaysia and China should leverage the International Land-Sea Trade Corridor and the Regional Comprehensive Economic Partnership (RCEP) to further strengthen the trade and investment ties, particularly in expanding the palm oil export and investment in the Halal industry.
To continue the upbeat momentum, the conference hosted a panel discussion involving Malaysia External Trade Development Corporation (MATRADE), Malaysian Investment Development Authority (MIDA), Halal Industry Development Corporation (HDC), and Malaysia Palm Oil Board (MPOB).
The strategic cooperation between Malaysia and China will signify a strong representation of the “Halal Malaysia” concept. It enables Malaysia to share development experiences and expertise in the Halal industry globally.
Malaysia’s 2021 Halal export performance recorded an encouraging achievement, increasing 19 per cent to RM36.3 billion from RM30.5 billion a year earlier. HDC also aims to capitalise on the growing interest in Halal awareness and inevitably enhance Halal trade and investment opportunities.
With regards to the palm oil industry, in 2021, China was the second-largest export market for Malaysia’s palm oil which accounted for 12.0% of total Malaysia’s palm oil exports. The total export value of palm oil and other palmbased products to China was RM13.16 billion, an increase of 23.7% from RM10.64 billion in 2020.
To leverage China’s rapid development and the great demand for Malaysia’s palm oil products, Malaysia will continue to provide a reliable and consistent supply of Malaysian Sustainable Palm Oil (MSPO) certified food and non-food products into the Chinese markets.
During the conference, the Deputy Minister of MITI and Vice Leader of Gansu People’s Government also witnessed the signing of 2 business-to-business Memorandum of Understanding (MOU) with a combined potential business worth USD18.0 million between Malaysian and Chinese companies for future projects in targeted sectors.