MITI: Msia needs to learn from China to leapfrog its economy

MALAYSIA needs to learn from China to leapfrog its economy, particularly in terms of technological innovations and manufacturing.

The Investment, Trade and Industry Ministry (MITI) said that despite the slowdown in China’s economy caused by the property development and construction sectors, the country’s manufacturing and technology sectors are still doing very well.

“Leapfrogging means that you do not continue to produce at the same level. You must try to upgrade technologically to produce by adopting automation as well as making digital arrangements.

“We must do things differently and win the game at a higher level with higher wages, higher productivity and higher growth,” MITI Deputy Minister Liew Chin Tong told reporters after launching the fifth Malaysia-China business to business (B2B business matching in conjunction with the 20th China-Asean Expo (CAEXPO) 2023 here today.

He noted that the Madani Economy framework and the New Industrial Master Plan launched recently by Prime Minister Datuk Seri Anwar Ibrahim are both aimed at leapfrogging Malaysia’s economy.

On CAEXPO 2023, he shared that Anwar will be attending the exposition on Sept 17 in Nanning, China and the visit seeks to strengthen ties between the two countries as well as build on and be prepared for the 50th anniversary of the Malaysia-China relationship.

Meanwhile, Malaysia External Trade Development Corporation (MATRADE) senior director of export promotion and market access division Amran Yem stated that Malaysia and China’s friendly relationship is not only preserving but also propelling the trajectory of strong and dynamic economic links between the two countries.

“Currently, the bilateral trade relationship between Malaysia and China has been progressing well with total trade between our two countries in 2022 at almost RM500 bil, an increase of 15.6% when compared to 2021.

“Malaysia’s exports surpassed the RM200 bil mark for the first time, expanding by 9.4% to RM211 bil and were the highest value ever recorded. Similarly, imports recorded almost RM300 bil with 20.7% growth,” he added.

After experiencing three years of border closure, this year marks the 20th anniversary of the CAEXPO and so does Malaysia’s participation.

Since 2004, Malaysia’s participation in CAEXPO has successfully assisted more than 2,000 companies with accumulated business dealings amounting to over US$1 bil, he noted.

Many Malaysian brands had made their presence felt and even strengthened their footprints in the Chinese market through their participation in CAEXPO and these outcomes signified the exposition as an important platform for Malaysian companies to make further inroads into the huge Chinese market and this relevance continues, he pointed out.

For this year’s CAEXPO, he claimed that MATRADE is coordinating a total of 107 Malaysian enterprises that will be showcasing their diverse range of high-value products and services, including healthcare and wellness, pharmaceuticals, cosmetics and toiletries, palm oil as biomass, functional food and beverages as well as the service sectors including accounting, interior design and education.

“As for the B2B meetings this year, it was organised using the hybrid mode with the virtual business meeting session beginning today until Sept 8, 2023.

“The physical business meetings will be held from Sept 16 to 19 as a follow-up. It is expected that more than 200 business meetings will be held for both physical and virtual sessions.” – Sept 6, 2023


Main photo credit: Bernama

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