What new initiatives is the Ministry of International Trade & Industry (MITI) focusing on right now?

MUSTAPA: Under the Economic Transformation Programme (ETP), we have twelve National Key Economic Areas (NKEAs) and MITI is responsible for one of them, the Electrical and Electronics sector. The E&E, as we call it, is a very critical component of the Malaysian manufacturing sector.

It’s the biggest component; biggest in terms of contribution to manufacturing, and biggest in terms of contribution to exports. Exports, for example, about a third of our exports come from this sector.

So I’m responsible for this big slice of the Malaysian manufacturing sector. Besides that, I have a small chunk of business services under me, for example MRO under the Aerospace sector but that is secondary. The main component that I am responsible for is the Electrical and Electronic sector.

What are your international trade and FDI goals?

MUSTAPA: Firstly, we want to raise Malaysia’s profile in the world. We’ve done that through various efforts undertaken by the Prime Minister, Deputy Prime Minister, and myself as Minister responsible for Trade and Investments. We have gone throughout the world; this year, Asia and Europe, and this is very important. So that’s in terms of promotion, raising Malaysia’s profile. In many parts of the world, Malaysia is known, but of course, we need to further enhance that visibility. Visibility is important. Secondly, we want to highlight the business-friendly environment we have in Malaysia. We have a government which is very facilitative of business, very pro-business.

We work closely with the private sector, both local and foreign investors. Beyond that of course, numbers are important. Last year for example, we achieved the highest ever FDI for Malaysia, more than $12bn.

In the first half of this year, we have done about 45% of that and we believe with all the promotion efforts we have undertaken, we will be able to achieve the same level of FDI as last year, despite the very challenging international economic environment. So, raising Malaysia’s profile, we’ve got to work hard, we’ve got to be more creative in terms of promotion, and we’ve got to cover as much ground as possible, not only in the traditional markets but also in some parts of the world which are quite new to us.

Malaysia’s Minister of International Trade & Industry (MITI) on raising Malaysia’s profile in the world is originally published by and copyright of The Prospect Group.

About the author

The Prospect Group is a global media content provider. We produce and distribute high-quality online video content specifically targeted to the international business community.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

How are emerging markets combatting cryptocurrency-related crime?

A record $14bn in digital currencies were transferred to illegal addresses last year, according to blockchain data platform Chainalysis, up 79% on the $7.8bn recorded in 2020.

Malaysia looks to emulate Thailand’s digital park

The campus is an interconnected ecosystem for start-ups and tech entrepreneurs, tech companies, investors, accelerators, incubators, academies, and government agencies to co-exist in Bangkok that help drive Thailand to become a global hub for digital innovation.

Will cryptocurrency expansion continue among emerging markets in 2022?

Emerging markets were at the forefront of last year’s massive growth in global cryptocurrency adoption. With this growth widely tipped to continue into 2022, a range of countries will see their crypto markets mature or expand.