Malaysia Records Total Trade Of US$244.8 Bln In First Nine Months Of 2016

MELAKA (Malaysia), Nov 17 (Bernama) -- Malaysia's total trade increased 0.6 per cent to US$244.83 billion (RM1.07 trillion) for the first nine months of this year compared with the corresponding period last year. (US$1 = RM4.37) Second International Trade and Industry Minister Ong Ka Chuan said this showed that the country's economy was heading for a positive growth amid volatile global economy. He said despite the uncertainty, Malaysia's total trade volume last year soared to RM1.46 trillion, of which 15.8 per cent or RM230.89 billion was contributed by trade with China. "China is Malaysia's largest trading partner for the seventh consecutive year, while Malaysia is China's ninth largest trading partner and the largest trading partner among ASEAN countries last year," he said at the 8th World Chinese Economic Summit (WCES) 2016 in Bandar Hilir here Wednesday. Ong said for the first eight months of this year, 20 projects, involving China's participation with total investment of RM2.44 billion, were approved by the Malaysian Investment Development Authority. He cited Bandar Malaysia, the Forest City, Melaka Gateway, Xiamen University Malaysia, Second Penang Bridge and Malaysia-China Kuantan Industrial Park as iconic projects involving China. "China was ranked as Malaysia's second largest investor during this period. Chinese investors are taking the lead in demonstrating confidence to invest in the medium and long-term in Malaysia," he said. Meanwhile, he said Malaysia was able gain access to bigger regional markets through the signing of free-trade agreements (FTAs). "Today, all businesses are global (in nature). To stay competitive, we have to always find ways to navigate between the regional and global networks. "Malaysia is actively engaged in market liberalisation efforts through the FTAs," he said. Malaysia has so far signed 14 FTAs, seven of them are multilateral agreements and another seven bilateral agreements involving Japan, Australia, New Zealand, Turkey, Pakistan, Chile, and India. More than 300 delegates from several countries, including China, Hong Kong, Kuwait and Malaysia are attending the two-day WCES starting Wednesday. -- BERNAMA