Matrade during its business meeting between Press Metal Aluminium Holdings Berhad and Daching Enterprises Limited had immediately secured an export sale of RM110 million for 2023 for aluminium ingots.
The projected transactions of the same product valued at RM670 million for the next 5 years. MATRADE connected both companies back in 2021 before a series of discussions were made and the deal was finalised.
Simon Chan, Director of Daching Enterprises Ltd, and Chairman of Xiamen Xiashun Aluminium Foil Co., Ltd., expressed the group interest to continue sourcing for products from Malaysia due to its quality, service delivery, sustainability and professionalism which is vital for Daching, “We hope to continue to grow our partnership with Press Metal and source more low carbon ingots in the future”.
The group is one of the world’s largest manufacturers of premium thin gauge aluminium foil, with an annual production capacity of 120,000 tons for aluminium foil and 220,000 tons for aluminium sheet products. Its products are sold to customers all over the world and widely used in milk, beverage, food and pharmaceutical packaging, and as cathode foil in batteries for electric vehicles.
“Press Metal is pleased with the assistance provided by MATRADE in introducing reputable clients like Daching. We hope that there will be more business matchings that can be done especially since the international borders of China and Hong Kong have fully opened”, highlighted Tan Sri Dato’ Koon Poh Keong, Group Chief Executive Officer of Press Metal Aluminium Holdings Berhad.
Press Metal is operating its largest aluminium smelting plant located in Bintulu, Sarawak that is also utilising renewable hydro energy from Bakun Dam – located around 150km from the company’s site. The company is also a contributor to the state economy and jobs. New export contract as such will give benefits not only to the company, but also to the surrounding people in the area.
Malaysia – Hong Kong Bilateral Trade
Despite its small size, Hong Kong remains as an important trading partner for Malaysia, ranked 9th last year, surpassing the RM100 billion mark for the first time, expanded by 20% to RM113.20 billion compared to 2021. In 2022, Hong Kong remained as Malaysia’s 5th largest exports destination and 15th biggest source of imports. Malaysia’s exports to Hong Kong also increased by 24.6% to RM95.60 billion and was the highest value ever recorded. During the same period, imports from Hong Kong dropped by 0.2%, to RM17.60 billion.
Trade with Hong Kong during the period of January to February 2023 grew by 5% to RM16.38 billion compared to the corresponding period of 2022. Exports expanded by 9.6% to RM12.50 billion on higher export values of electrical and electronic products, iron and steel products as well as optical and scientific equipment.
