KUALA LUMPUR, May 23 (NNN-Bernama) — International Trade and Industry Minister Datuk Darell Leiking has encouraged companies in Chile to leverage on Malaysia to expand their business and diversify into electrical appliances, food and beverages, packaging, logistics and lifestyle products.
Besides inviting them to establish representative or regional offices in Malaysia, he asked them to explore sourcing from Malaysia as well as to visit related trade exhibitions and meet potential Malaysian suppliers at pre-arranged business meetings.
He extended this invitation on Monday during meetings with companies in Chile’s capital city Santiago, the first stop during his five-day trade and investment mission to Latin America following his participation in the APEC Ministers Responsible for Trade Meeting in Valparaíso, Chile, on May 17 and 18.
The companies were from sectors such as retail, palm oil, medical devices and disposables, and furniture, the International Trade and Industry Ministry (MITI) said in a statement today.
Leiking also held meetings with the Chile-Malaysia Chamber of Commerce (CAMCHIMAL) and Chamber of Automotive Parts and Components (CAREP).
“The meetings explored opportunities to improve trade and investment relations in various sectors including automotive, ICT (information and communications technology) mobility solutions, Internet of Things and halal industry. They also discussed the key concerns faced by both parties,” MITI said.
In 2018, bilateral trade between Malaysia and Chile totalled RM1.32 billion (US$0.33 billion), with Malaysia’s exports to Chile amounting to RM0.81 billion (US$0.20 billion) and imports valued at RM0.51 billion (US$0.13 billion).
Over 60 per cent of exports to Chile were contributed by chemicals and chemical products, rubber products, wood products, electrical and electronic products as well as palm oil and palm oil-based agriculture products.
On the other hand, more than 60 per cent of imports from Chile comprised metalliferous ores and metal scrap, seafood, fresh, chilled or frozen products, other agricultures as well as paper and pulp products.