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Malaysian Trade Ministry Diversifying Trade Efforts to Address Globalisation Challenges
The Investment, Trade and Industry Ministry of Malaysia is shifting its focus to non-traditional trading partners in response to challenges brought about by globalisation. Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that geopolitical challenges have led to a reduction in global trade, prompting the ministry to concentrate on countries in Africa, South America, and West Asia. This strategy aims to diversify trade and tap into new markets for growth. Tengku Zafrul made these remarks during an official visit to Uzbekistan with Prime Minister Datuk Seri Anwar Ibrahim. He highlighted the rapid economic development in Central Asian countries and emphasized the potential for Malaysian companies, including small and medium-sized enterprises, to participate in this growth. The trade volume between Malaysia and Kyrgyzstan, Kazakhstan, and Uzbekistan has seen significant increases, with Malaysia being urged to invest in these countries. Additionally, the Prime Minister has suggested a more aggressive marketing approach for Malaysian halal products, aiming to develop the entire halal industry and promote Malaysian companies' investment and exports in this sector.
