KUALA LUMPUR: The Malaysia External Trade Development Corporation (Matrade) has renewed a memorandum of understanding (MOU) with the China Construction Bank Malaysia Berhad (CCBM) to benefit businesses in both countries.
Matrade chairman Datuk Seri Reezal Merican Naina Merican said the renewed MOU with CCBM also strengthens Matrade’s long-standing partnership that has been established since 2018.
“This renewed agreement will help Malaysian exporters access new markets and secure better financing.
“By leveraging each other’s expertise and networks, the two parties aim to benefit businesses in both countries.
“China Construction Bank’s (CCB) extensive network in China will facilitate key business connections and provide tailored financial solutions to Malaysian exporters,” said Reezal during his opening remarks at Menara CCB on Thursday (Sept 5).
In a challenging economic environment, Reezal said strong financing support is crucial to business success and Matrade’s close collaboration with CCB will promote financing facilities to Malaysian companies.
The MOU renewal ceremony was held during the launch of 6th Malaysia-China B2B Business Matching Session which was jointly organised by Matrade, CCBM, the China-Asean Expo (CAEXPO) secretariat and the Chinese Embassy in Malaysia
The official launch ceremony of the Malaysia-China B2B Business Matching Session, held in KL and simultaneously Nanning and Beijing, also saw the attendance of China ambassador to Malaysia Ouyang Yujing and various business leaders.
The two-day Malaysia-China B2B Business Matching Session featured over 291 enterprises, 116 Malaysian and 175 Chinese companies, participating in 403 business meetings through CCB’s “Match Plus” platform.
According to Reezal, the business matching session last year had facilitated 140 business transactions totalling US$1.68bil (RM7.28bil).
“This year, expectations are high as we aim to build on this success and further strengthen bilateral trade between Malaysia and China.
“The 6th Malaysia-China B2B Business Matching Session marks a significant milestone in our ongoing collaboration.
“Supported robustly by both governments and the private sector, this event is set to create new opportunities for trade and investment, fostering growth and prosperity for both nations,” said Reezal.
At the same time, Reezal said the Malaysia-China B2B Business Matching Session is an important prelude to the upcoming 21st CAEXPO in Nanning, China, from Sept 24 to 28.
According to Reezal, this year’s CAEXPO is particularly significant as it coincides with the 50th anniversary of diplomatic relations between Malaysia and China.
In the upcoming 21st CAEXPO, Reezal said Malaysia is also given privileges as the “Country of Honour” where a larger exhibition centre will be provided.
“This expanded space of 3,240 sqm will allow more Malaysian companies to showcase their offerings, highlighting our commitment to strengthening economic ties with China,” said Reezal.
He said Matrade will be joined by 10 ministries and government agencies, along with three trade associations and 137 Malaysian companies.
“These include the Agriculture and Food Security Ministry, the state governments of Selangor and Perak, the Durian Manufacturers Association (DMA) and the Federation of Malaysian Freight Forwarders (FMFF).
“Their participation underscores a broad and collaborative effort to showcase Malaysia’s diverse industries and enhance trade relations,” said Reezal.
Presently, Malaysia is ranked as China’s 10th largest global trading partner and the second largest within Asean.
In the first seven months of 2024, Malaysia’s trade with China grew by 9.5% to RM275.8bil (US$58.45bil) compared to the same period last year.
In the same period, Malaysia’s exports to China reached RM105.47bil (US$22.34bil), with electrical and electronic (E&E) products making up 34.5% of these exports/
Imports from China also rose by 18.7% to RM170.34bil (US$36.10bil), primarily consisting of goods that support Malaysia’s manufacturing sector, especially in E&E, machinery, equipment and parts, as well as chemicals and chemical products.
Reference : Renewed MOU with China will benefit local exporters, says Matrade chairman | The Star