Updated: MITI, agencies to strengthen to face global market challenges

KUALA LUMPUR: Minister of International Trade and Industry Darell Leiking says Malaysia will continue with efforts towards becoming a self-sustaining nation. Photo courtesy of BERNAMA.

KUALA LUMPUR, Feb 10 (NNN-BERNAMA) — The Ministry of International Trade and Industry (MITI) and its agencies will be strengthening its forces to ensure the success of the Shared Prosperity Vision 2030, despite the ongoing global challenges.

Minister Datuk Darell Leiking said the ministry needs to ensure that the country is able to handle the obstacles and become a self-sustaining country.

Speaking to reporters after the ministry’s monthly assembly here today, he said that MITI will be increasing its focus on the manufacturing and smart agriculture industries.

He also called upon the statesto provide a wishlist towards boosting their respective economies.

“Not all states have the same needs, some might need expertise in high technology, some might not,” he said, adding that the states are also jointly responsible in attracting investors to set up their business in the country.

Meanwhile, Darell said according to the Malaysia External Trade Development Corporation, Malaysia’s trade surplus recorded a double-digit growth last year.

In 2019, it grew by 11 per cent to RM137.39 billion from RM123.78 billion recorded in 2018.

However, total trade declined 2.5 per cent to RM1.84 trillion last year due to the softer global demand as a result of trade tensions and unfavorable external economic conditions.

Exports also fell by 1.7 per cent to RM986.4 billion and imports eased by 3.5 per cent to RM849.01 billion.

Meanwhile, the ministry will be meeting with industry associations to gauge the impact of the 2019 Novel Coronavirus outbreak on their businesses tomorrow, and to obtain their views and suggestions on the measures that the government could put in place to help mitigate the impact.