Australia foreign minister to introduce its investors to Malaysia | The Malaysian Insight

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Australia foreign minister to introduce its investors to Malaysia

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International Trade and Industry Minister Mohamed Azmin Ali says Australian investment will reduce Malaysia's reliance on foreign labour and give domestic SMEs the opportunity to be part of the global supply chain. – The Malaysian Insight file pic, June 29, 2022.

He said the electrical and electronics, chemical industry, automotive, aerospace, and digital economies are among sectors under the NIA that Malaysia would pay attention to to attract Australian investors. The hour-long meeting here in conjunction with Wong’s three-day official visit to Malaysia that began yesterday discussed, among others, efforts to strengthen bilateral relations between Australia and Malaysia as well as bilateral trade.

Australia is Malaysia’s 13th largest trading partner in 2021 with total trade of RM52.28 billion, up 28.7% from the value recorded in 2020. AANZFTA, which involves 10 Asean member countries, Australia, and New Zealand, came into effect in January 2010. It abolished tariffs for 90% of goods traded between the bloc and the two countries.

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