We’ll reduce reliance on major trading partners, says Tengku Zafrul

 

Investment, trade and industry minister Tengku Zafrul Aziz said the ongoing global conflicts had impacted commodity prices. (Bernama pic)

KUALA LUMPUR: Malaysia will continue to diversify and at the same time reduce its reliance on major trading partners to cushion blows from geopolitical tensions, says investment, trade and industry minister Tengku Zafrul Aziz.

He said while China’s economic recovery had benefitted the nation through the improvement in trade figures, the ministry would continue to reduce its reliance on a single economy.

“We need to slowly diversify our dependency on key markets so that we can cushion any shock to the big trading partners that we have because of geopolitics.

“At the same time, we need to diversify our export products,” he said here, adding that Malaysia would host the first international halal showcase (Mihas) outside Malaysia – in Dubai – this November.

“Everyone is searching for more trading partners to diversify their risks, and we, too, should embrace this chance to encourage as many companies as possible to come here, which will subsequently increase trade,” he said.

He noted that the ongoing global conflicts had impacted commodity prices. - FMT