TIMELY FOR MALAYSIA TO JOIN BRICS, A VAST POTENTIAL MARKET - MATRADE CHAIRMAN

Malaysia is set to bolster its trade with nations under the BRICS group by leveraging new economic opportunities, according to Malaysia External Trade Development Corporation (MATRADE) chairman Datuk Seri Reezal Merican Naina Merican.

He said the huge and diverse population of BRICS offers a vast consumer base that will translate into a bigger market.

“Joining BRICS will greatly support our mission to promote Malaysia's exports and enable more local companies to explore new frontiers in global markets. As we continue to put the spotlight on capable Malaysian companies in the global arena, we can further strengthen the phrase 'Made-in-Malaysia' to be synonymous with excellence, reliability, and trustworthiness,” he said in a statement.

Reezal Merican said that joining BRICS would also allow Malaysia to diversify its existing trade with these nations at a pivotal moment, given Malaysia's ability to attract some of the biggest names in the world to invest and expand their operations.

“We are making significant strides in the digital sphere, with billion-dollar investments from companies like Nvidia, Microsoft, and Google. And that's just one sector,” he said.

He noted that Malaysia is recognised globally as a semiconductor hub.

“Recently, we have signed memoranda of understanding with China in various areas and continue to maintain solid relations with India,” he said.

He also highlighted that beyond economic benefits, a closer collaboration with BRICS would provide opportunities to upskill the local workforce, leading to better incomes and broader economic opportunities for Malaysians.

Despite Malaysia's intention to join BRICS, Reezal Merican gave assurance that the country's good relations with developed Western nations would remain unchanged.

“The fact that we have many major United States- and European-based companies investing heavily in the country, along with our close ties with nations outside BRICS, is a testament to our commitment to creating a healthy, ethical, and prosperous trade relations with all stakeholders,” he said.

He said that as Malaysia prepares to assume the ASEAN chairmanship next year, and by being part of BRICS, “we hope we can lead discussions and explore more trading opportunities for Malaysia and Southeast Asia.”

“The government's intention to join BRICS is timely. The ball is now in BRICS' court to get this relationship going,” he added.