Bản in : Malaysia wants to expand its export to Japan

Malaysia wants to expand its list of exports to Japan, said International Trade and Industry Minister Datuk Mustapa Mohamad.

Malaysia’s main export to Japan is liquefied natural gas amounting to 86.4 billion RM (27billion USD) annually, the minister was quoted by The Star online as saying.

Automotive components were worth looking at, he said, adding that while Malaysia’s share of the export market was only worth 5 billion RM now, the potential to grow was there.

Japan is Malaysia’s top investor, with 1,400 firms operating in the country and investments in the manufacturing sector alone has reached 71 billion RM, according to The Star online.

Between January and November, the Government had approved investments worth 3.41billion RM from Japanese firms.

Recent investments include Perodua Global Manufacturing Sdn Bhd worth 1.9 billion RM to set up highly automated assembly line for energy efficient vehicles and 470 million RM by Honda Malaysia Sdn Bhd to increase annual production capacity from 50,000 to 100,000 vehicles.

In addition, there has also been an increasing trend in retail trade between the two countries, with the figures going up from 5.5 percent in 2012 to 6.2 percent this year, the minister said.

On the second wave of the Look East Policy (LEP), three committees had been set up to spearhead LEP 2.0 – on strategic trade and investment, educational institutions and research and development as well as human capital development.

The LEP 2.0 was set up to bring Malaysia’s relations with Japan to the next level, which is the advancement of trade with a higher value chain, he added.-VNA



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