‘US-China trade war may benefit Malaysia’

THE United States-China trade war will have a positive impact on Malaysia, said Deputy International Trade and Industry Minister Dr Ong Kian Ming.

He said interest among companies from both countries to invest in Malaysia was rising.

“I feel the interest in investing in Malaysia has become apparent after the 14th General Election.

“Now, as a result of the US-China trade war, companies from both countries are showing an interest in investing in Malaysia,” he told the Dewan Negara yesterday.

He was answering a supplementary question from Senator Datuk Chai Kim Sen about the implications of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which could benefit Malaysia in dealing with the trade war.

Ong said the ministry was evaluating whether CPTPP could provide greater benefits in terms of attracting foreign investments resulting from the trade war. He said the government had yet to make a decision on CPTPP.

“I feel there is good from the aspect of entering new markets.

“Although the US has withdrawn from the pact, we have three markets, namely Canada, which is the world’s 10th biggest economy, Mexico, the 15th largest, and Peru.

“Canada and Mexico have also close economic ties with the US under the North American Free Trade Agreement.

“This can be used a launch pad for companies from Malaysia to enter the US market, and these factors would be considered by the government in deciding whether to ratify CPTPP.”

Ong said Mexico, Japan and Singapore had ratified the pact.

He said the trade pact would be implemented early next year, if six of the 11 CPTPP countries completed their domestic ratification process.

I feel the interest in investing in Malaysia has become apparent after the 14th General Election. Now, as a result of the US-China trade war, companies from both countries are showing an interest in investing in Malaysia.

DR ONG KIAN MING

deputy international trade and industry minister