Leiking to lead trade, investment mission to US

KUALA LUMPUR: International Trade and Industry Minister, Datuk Darell Leiking is leading a trade and investment mission to Washington DC, New York, Seattle, San Jose and San Francisco in the United States, beginning yesterday until April 6.

The ministry said accompanying Leiking are the ministry’s deputy secretary general for trade and senior officials of Malaysian Investment Development Authority (Mida), Malaysia External Trade Development Corporation (Matrade) and InvestKL Corporation.

During the mission, Leiking is scheduled to meet with top officials in the US Trade Representative Office, Department of Commerce and the White House.

“These meetings are aimed to further cement Malaysia’s trade and investment relations with the US.

“In expanding partnership with the private sector, he will be interacting with key business groups such as the US-ASEAN Business Council, US Chamber of Commerce and Pacific Northwest Aerospace Alliance as well as select companies in sectors such as electric and electronics, artificial intelligence, petrochemical, and information communication technology,” it said in a statement yesterday.

Leiking would also connect with strategic partners during a seminar on “Forging Stronger Economic Relationship between Malaysia and the US”.

In 2018, the US remained as Malaysia’s top trading nation in North America region and Malaysia’s third largest trading partner in the world at RM155.68 billion (USD38.57 billion) or 8.3 per cent share of Malaysia’s total trade.

Exports to the US reached RM90.73 billion (USD22.48 billion), while imports were RM64.94 billion (USD16.08 billion), both driven by manufactured goods.

In term of implemented projects, the US was the second largest investors in Malaysia in sectors such as electric and electronics, medical devices, renewable energy and aerospace valued at RM74.01 billion (USD21.86 billion).

Malaysian companies too have successfully ventured in the US in diverse sectors from entertainment and resort, oleochemical, industrial packaging, furniture to banking with investments reaching over USD14 billion. – Bernama