The first Trade and Investment Mission to Japan to intensify efforts post pandemic through strengthening trade and resuming economic cooperation between Malaysia and Japan was deemed a success.
Following the full reopening of borders by Japan when it lifted the remaining Covid-19 restrictions on 29 April 2023, the mission, led by the Minister of Investment, Trade & Industry (MITI) Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, commenced on 29 May 2023 and ended on 2 June 2023.
The mission outlined impactful meetings and high-level engagements arranged by MATRADE with prominent sogo sosha or Japanese general trading companies which have committed to increasing trade and sourcing for a diverse range of quality Malaysian products and services worth RM2.1 billion (USD458 million).
The committed export deals are in energy, green & sustainable products, palm oil, wood products, chemicals & chemical products, FMCG & Halal, as well as healthcare and digital services. Some of the leading sogo sosha engaged in the mission were Itochu Corporation, Sumitomo Corporation and Mitsui & Co. Ltd.
In addition to the engagements with Japan’s major trading companies, there was a meeting session held with Japan Petroleum Exploration Co. Ltd. (JAPEX) together with PETRONAS, which discussed the expansion of the renewable energy business and the development of technologies related to Carbon Capture and Storage (CCS).
The session highlighted the joint initiatives between the two organisations towards the commitment in the ESG agenda as well as the Carbon Neutrality mission by 2050. JAPEX has committed to continue sourcing for LNG, energy and sustainable products from Malaysia.
MATRADE also played a pivotal role in arranging the meeting with the largest homebuilder company based in Osaka, Daiwa House Industry Co. & Ltd.
The company was pleased with the quality of products sourced from Malaysia and has committed to continue sourcing construction and building materials as well as interior furnishings and furniture from Malaysia for its projects in Japan and in other Asian countries.
During the mission, MATRADE and Japan External Trade Organization (JETRO) have also agreed to extend the Memorandum of Cooperation (MoC) for another year until 5 April 2024, acknowledging the initiatives and activities undertaken under the MoC which was signed in 2021 and has been in operation for two years.
The MoC is aimed at promoting trade, deepening mutual understanding and friendship as well as contributing to the trade development of both Japan and Malaysia, including in the areas such as Halal, ICT, e-commerce and digital transformation.
Datuk Mohd Mustafa Abdul Aziz, CEO of MATRADE said that “Japan, being our fourth largest trading partner, remains as Malaysia’s major market in Asia for Malaysian companies.
As a result of MATRADE’s proactive efforts in arranging high-level engagements with Japanese top sogo sosha, the Trade and Investment Mission to Tokyo and Osaka, Japan has secured significant business partnerships and export opportunities”.
The continued sourcing by these Japanese leading conglomerates demonstrates the resilience and competitiveness of Malaysian products and services, heightening the growth momentum of the trade dealings between Malaysia and Japan.
MATRADE is focused on enhancing the engagements with the Japanese sogo sosha in connecting them with Malaysian capable exporters in order to drive exports to Japan.
“Apart from the committed export value reported during the mission, I am also glad to receive positive responses from the major Japanese trading houses to participate as buyers in the upcoming Malaysia International Halal Showcase (MIHAS), which will take place at MITEC, Kuala Lumpur from 12– 15 September 2023”, added Datuk Mohd Mustafa.
