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Deputy Minister to Lead Trade and Investment Mission to Mexico and Peru

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Ministry of International Trade and Industry (MITI) Deputy Minister Senator Datuk Lim Ban Hong attends the Dewan Negara session in Parliament, March 31, 2022. – Bernama file pic

Saturday, June 25, 2022 5:40 PM MYT

KUALA LUMPUR, June 25 – Deputy Minister of International Trade and Industry, Datuk Lim Ban Hong, will lead a trade and investment mission to Mexico and Peru from tomorrow until July 5, 2022.

The mission is part of the ongoing efforts of the Ministry of International Trade and Industry (MITI) to expand trade and investment opportunities in the Latin American market.

“The trade and investment mission will focus on broad linkage opportunities as well as exploring new markets for our exports under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade pact,” according to a statement from MITI today.

He said Ban Hong was to have bilateral meetings with his counterparts from Mexico and Peru to discuss ways to further increase bilateral trade and investment cooperation between Malaysia and the countries.

The focus would be on Malaysia’s capabilities and capabilities in strategic sectors including electrical and electronics (E&E), electric vehicle segment, digital economy and automotive industry.

Mexico is Malaysia’s second largest trading partner in Latin America, which has seen its bilateral trade double over the past decade.

In 2021, Malaysia recorded a substantial increase in total trade with Mexico to reach RM13.89 billion (US$3.35 billion) compared to 2020, thanks to an increase in exports of E&E products and products made of metal.

Total exports in 2021 increased by 37.9% to RM11.59 billion ($2.79 billion), while total imports increased by 35.9% to RM2.3 billion ( $0.56 billion) over the previous year.

In 2021, Peru was Malaysia’s top six trading partners in Latin America.

Despite the decline in global trade caused by the pandemic, Malaysia recorded a commendable 13.5% increase in total trade with Peru compared to 2020, reaching RM1.22 billion ($0.29 billion). . This was largely attributable to increased exports of rubber products, petroleum products and processed foods.

Malaysia’s exports to Peru increased by 21.8% to RM790 million (US$190 million), while imports from Peru held steady at RM430 million (US$100 million). US) compared to 2020. — Bernama