Leiking to lead trade, investment mission to the US

01 Apr 2019 / 14:08 H.

KUALA LUMPUR: International Trade and Industry Minister Datuk Darell Leiking (pix) is leading a trade and investment mission to five US cities.

Also on the trip are the ministry’s deputy secretary-general for trade and senior officials of the Malaysian Investment Development Authority, Malaysia External Trade Development Corporation and InvestKL Corporation.

The trip, which ends on Saturday, will take the delegation to Washington DC, New York, Seattle, San Jose and San Francisco.

Leiking is scheduled to meet with top officials at the US Trade Representative’s Office, Department of Commerce and the White House.

The ministry said the mission is to “further cement Malaysia’s trade and investment relations with the United States”.

There will also be meetings with key business groups such as US-Asean Business Council, US Chamber of Commerce, and the Pacific Northwest Aerospace Alliance, as well as representatives of select companies in the electrical and electronics sector, artificial intelligence, petrochemical and the information and communications technology, the ministry said in a statement today.

The US accounted for US$38.57 billion (RM155.68 billion) or 8.3% share of Malaysia’s total trade in 2018, making it the country’s largest trading partner in North America and the third largest in the world.

Exports to the US reached US$22.48 billion (RM90.73 billion), while imports amounted to US$16.08 billion (RM64.94 billion), both driven by manufactured goods.

The US was also the second largest investor in Malaysia in sectors such as electrical and electronics, medical devices, renewable energy and aerospace valued at US$21.86 billion (RM74.01 billion).

Malaysian companies too have successfully ventured to the US in diverse sectors from entertainment and resorts, oleochemicals, industrial packaging, furniture and banking with investments reaching over US$14 billion (RM54.6 billion). — Bernama

email blast