MITI calls for greater collaboration in high-techs between Malaysia and China

International Trade and Industry (MITI) calls for greater collaboration in the area of high-technologies between Malaysia and China to further strengthen bilateral trade, investment, and economic cooperation.

Deputy minister Datuk Lim Ban Hong said this is crucial in expediting Malaysia's economic recovery due to the Covid-19 pandemic.

He was speaking at a webinar titled Malaysia2China: Seizing Opportunities in China's Technological Rise held on 10 December 2020.

The webinar was jointly organised by MITI, its agency, Malaysia External Trade Development Corporation (MATRADE) and in strategic collaboration with the Industrial and Commercial Bank of China (ICBC Malaysia) Bhd.

MITI said the webinar was part of the continuous effort to highlight opportunities arising from China's transformation to become a technology powerhouse.

During the session, Lim encouraged Malaysian companies particularly from the electrical and electronics (E&E) sector to explore business opportunities with not only with advanced companies in conventional first tier cities in China, but also with small and medium enterprises in second and third tier cities that are hubs of high-technology.

"China has been Malaysia's largest trading partner for 11 consecutive years and Malaysia has also been China's major trading partner among ASEAN member countries.

"This goes to show the importance of boosting trade relations between the two nations as both are interdependent with one another," Lim said in a statement today.

Lim also emphasised on the strength of Malaysia's E&E industry, which continues to be the main contributor to the national gross domestic product (GDP).

In 2019, Malaysia's E&E trade was recorded at RM618.66 billion, with exports amounted to RM373.12 billion or 37.5 per cent of the total export.

MITI said for the period of January to October 2020, Malaysia's total trade of E&E has increased by one per cent to RM522.7 billion compared to the corresponding period in 2019 despite the unprecedented challenges faced due the pandemic.

"Malaysia's E&E landscape is stabilising with strong demands seen for smart manufacturing capabilities, automation and technological innovations.

"This high demand will definitely be a catalyst to support the government's policy to increase the adoption of Industry 4.0 technologies," Lim said.

Source: New Straits Times