MARKET DEVELOPMENT
EU's Economic Recovery Enhances Malaysia-EU Trade
EU's Economic Recovery Enhances Malaysia-EU Trade
08/05/2015 (Bernama) - The European Union's (EU) economic recovery has further enhanced Malaysia-EU trade, said Malaysia External Trade Development Corporation (Matrade) Chief Executive Officer Datuk Dr Wong Lai Sum.
She said trade was expected to grow further this year after registering a 6.2 per cent growth last year.
"Malaysia-EU trade registered RM143.98 billion last year, an increase of RM8.9 billion," she told Malaysian journalists here today.
She also said trade between Malaysia-EU constituted 9.9 per cent of the country's total trade currently.
The economic recovery since the last two years has accelerated the import and manufacturing activities in Europe especially in Holland, Germany, Poland and Belgium.
Malaysia would focus on chip, chip fabrication, electronics, semi-conductor and oleochemicals for producing medical and cosmetic products in a move to expand exports to Europe, she said.
Touching on the Malaysia Pavilion at the ongoing Expo Milano 2015, Wong said Matrade received many enquiries from potential European traders on Malaysian products including green tyres and 'Glulam', a glue-laminated timber which is as strong as steel.
"Some even touched and hugged our pavilion which is made of Glulam," she said.
Themed, 'Towards a Sustainable Food Ecosystem', the expo, which started on May 1, showcased the relationship between food and sustainable development in the country.
Malaysia is one of the 148 countries taking part in the six-month world expo which is expected to draw about 20 million visitors, including trade visitors.
The participation of Malaysia, she said, was very worthwhile as the country could sell "Made-in-Malaysia" products to the region and explain the advantages of Malaysian products which were of high quality.
"We had visitors who claimed that our oil palm was poisonous but after hearing our explanation, they fully understood the actual situation.
"We even had an Italian who tweeted and defended our sustainable oil palm products," she said.
Wong said a total of 18,451 visitors have dropped by the Malaysia Pavilion to date and some were very impressed with the country's aspiration to become a developed nation.
She said trade was expected to grow further this year after registering a 6.2 per cent growth last year.
"Malaysia-EU trade registered RM143.98 billion last year, an increase of RM8.9 billion," she told Malaysian journalists here today.
She also said trade between Malaysia-EU constituted 9.9 per cent of the country's total trade currently.
The economic recovery since the last two years has accelerated the import and manufacturing activities in Europe especially in Holland, Germany, Poland and Belgium.
Malaysia would focus on chip, chip fabrication, electronics, semi-conductor and oleochemicals for producing medical and cosmetic products in a move to expand exports to Europe, she said.
Touching on the Malaysia Pavilion at the ongoing Expo Milano 2015, Wong said Matrade received many enquiries from potential European traders on Malaysian products including green tyres and 'Glulam', a glue-laminated timber which is as strong as steel.
"Some even touched and hugged our pavilion which is made of Glulam," she said.
Themed, 'Towards a Sustainable Food Ecosystem', the expo, which started on May 1, showcased the relationship between food and sustainable development in the country.
Malaysia is one of the 148 countries taking part in the six-month world expo which is expected to draw about 20 million visitors, including trade visitors.
The participation of Malaysia, she said, was very worthwhile as the country could sell "Made-in-Malaysia" products to the region and explain the advantages of Malaysian products which were of high quality.
"We had visitors who claimed that our oil palm was poisonous but after hearing our explanation, they fully understood the actual situation.
"We even had an Italian who tweeted and defended our sustainable oil palm products," she said.
Wong said a total of 18,451 visitors have dropped by the Malaysia Pavilion to date and some were very impressed with the country's aspiration to become a developed nation.