MITI to ensure Malaysia steers clear of US sanctions

The International Trade and Investment Ministry (MITI) will take the necessary action against any companies, including improper certificate issuers, that are using Malaysia as a trans-shipment point to get a certificate of origin for their manufactured goods for export to the US.

Deputy Minister Dr Ong Kian Ming (photo) said the ministry will not tolerate any untoward practices that would give reasons for the US to arbitrarily impose sanctions on Malaysia amid its trade conflict with China.

“For example, if we find out or hear any complaints that certain companies are using Malaysia as a transhipment point to get a certificate of origin for their manufactured goods for export to the US, we (will) take this seriously.

“We will do the necessary investigation against whoever issued those improper certificates, and further action against them, including the companies, (will be taken),” he said during a luncheon tete-a-tete session at the two-day ISIS Praxis Conference 2019 in Kuala Lumpur today.

He said MIT recognises the policy uncertainty and will try to minimise it as much as possible to continue being part of the world’s larger trading ecosystem.

Ong noted that Malaysia needs to be open for business with all countries, especially those with long historic alliances, including China.

He said the US is Malaysia’s top source of approved foreign direct investment (FDI), followed by China, and both countries will continue to be very important trading partners.

“We expect for 2019, these two countries will account for about 70 to 80 percent in terms of approved FDI,” he added.

- Bernama