Malaysian companies rake in RM86m sales at China Import Expo, says ministry

Chinese President Xi Jinping at the opening ceremony for the first China International Import Expo (CIIE) in Shanghai November 5, 2018. — Reuters pic
President Xi Jinping at the opening ceremony for the first International Import Expo (CIIE) in Shanghai November 5, 2018. — Reuters pic

, Nov 11 — companies recorded total sales worth US$20.50 million (RM86.03 million) during their first participation in the 1st China International Import Expo (CIIE).

In a statement today, the Ministry of International Trade and Industry (MITI) said immediate sales were valued at US$11,500 (RM48,100) while potential sales were worth US$20.49 million at the six-day event which started from November 5.

Through the first participation in CIIE, the Malaysian companies received a total of 1,267 trade enquiries.

MITI Minister Datuk Darell Leiking led the Malaysian delegation to the CIIE held in Shanghai, and a working visit to Hangzhou and Yiwu, Zhejiang Province, China from Nov 4-11, 2018.

He was accompanied by Sim Tze Tzin, Deputy Minister of Agriculture and Agro-based Industry, officials from Malaysian Investment Development Authority (MIDA), Malaysia External Trade Development Corporation (MATRADE) and InvestKL.

Malaysia’s participation in the CIIE shows the country’s support for trade and investment activities between Malaysia and China, and other participating countries.

“Malaysia’s openness will boost investors’ and exporters’ confidence in choosing Malaysia as a trading partner and investment destination and to establish network among businesses from Malaysia and other countries,” MITI said.

In Shanghai, Darell attended the welcoming banquet and opening ceremony of the CIIE which was graced by Chinese President Xi Jinping.

Xi predicted that the import of high value goods and services would exceed US$30 trillion and US$10 trillion respectively in the next 15 years, from countries along the Belt and Road Initiative.

Xi also announced a number of measures including lowered tariffs and ease market access to promote common growth and build an open global economy.

Malaysia welcomes such initiatives as it will boost bilateral and regional trade and investment activities.

Darell also visited technology companies such as Huawei Shanghai Research and Development Centre and Mobile Broadband (MBB) Shanghai, Logistic, United Imaging, Shanghai and Alibaba Group.

The companies’ management briefed the minister on their and are exploring Malaysia as the principal hub.

Malaysia’s attractive incentives and conducive business environment are the essential aspects to consider in making the country as the regional hub and stepping stone for the Southeast Asian market. — Bernama

Source: The Malay Mail Online

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