MATRADE, CCB Renew Pact To Boost Trade Access To China

The Malaysia External Trade Development Corporation (MATRADE) has reaffirmed its commitment to enhancing market access to China by signing a memorandum of understanding (MoU) with China Construction Bank Malaysia Bhd (CCB Malaysia).

Its chairman Datuk Seri Reezal Merican Naina Merican said the renewed agreement will aid Malaysian exporters in tapping into new markets and securing improved financing.

“China Construction Bank's extensive network in China will facilitate key business connections and provide tailored financial solutions to Malaysian exporters.

“In today's challenging economic environment, strong financing support is crucial for business success. Our close collaboration with CCB will promote these initiatives and financing facilities to Malaysian companies, subsequently facilitating trade between Malaysia and China,” he said during his keynote address at the 6th Malaysia-China B2B Business Matching Session, held in conjunction with the 21st China-ASEAN Expo (CAEXPO).

The event, jointly organised by MATRADE, CCB Malaysia, the CAEXPO Secretariat, and the Embassy of the People's Republic of China in Malaysia, aims to strengthen trade ties.

Reezal Merican emphasised that MATRADE's extensive experience in promoting Malaysian products and services globally, combined with CCB Malaysia's strong network established since 2018, provides a solid foundation for the MoU to enhance trade relations between the two countries.

He also noted that the partnership aligns with MATRADE's strategy to boost exports to China and capitalise on free trade agreements like the Regional Comprehensive Economic Partnership (RCEP).

The 6th Malaysia-China B2B Business Matching Session features over 291 enterprises, including 116 Malaysian and 175 Chinese companies, participating in 403 business meetings through CCB's "Match Plus" platform.

The two-day event will cover sectors such as healthcare and wellness, lifestyle, food and beverages, agriculture produce, and services.

Following the 5th edition's success in 2023, which saw 140 business transactions valued at RM7.52 billion (US$1.68 billion), expectations for this year's event are high as it aims to further enhance bilateral trade between Malaysia and China.

Bilateral trade between Malaysia and China reached RM275.8 billion (USD58.45 billion) from January to July 2024.

To date, Malaysia has exported RM105.47 billion (US$22.34 billion) worth of goods, notably increasing exports of electrical and electronics products. Imports from China were valued at RM170.34 billion (US$36.1 billion), primarily comprising electrical and electronics products, machinery, equipment and parts, as well as chemicals and chemical products.

Also present was the Ambassador of the People's Republic of China to Malaysia, Ouyang Yujing.