Kuala Lumpur: Malaysia and ASEAN's relationship with China should continue to be built on mutual respect and trust, particularly when it comes to driving high-value industries, fostering innovation, and promoting sustainable development, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
According to BERNAMA News Agency, Tengku Zafrul also emphasized that ASEAN must step up and embrace great power rivalries, economic shifts, and opportunities in technological advancement, including through its relationship with China. He noted that as of 2023, the trade volume between China and ASEAN has reached close to US$1 trillion, approximately US$900 billion, making China ASEAN's largest trading partner and ASEAN's third-largest source of foreign direct investment.
The close ASEAN-China relationship is anchored on the strong ties between Malaysia and China, which celebrated their 50th anniversary last year. Tengku Zafrul expressed hope that the China Conference: Southeast Asia 2025 would continue to deepen the understanding between key players in ASEAN and China. He also noted that Hong Kong remains a key trading partner for ASEAN and Malaysia, highlighting the significance of the existing free trade agreements.
Regarding the impact of the United States tariffs on steel and aluminium imports, Tengku Zafrul stated that Malaysia currently has a moratorium on new plants or expansions in these sectors due to overcapacity. He noted that Malaysia is not a major exporter of steel and aluminium to the US, with the country's biggest exports to the US being electrical and electronics.
On the prospect of becoming the next Malaysian Ambassador to the US, Tengku Zafrul responded with a succinct 'No,' leaving the decision to the appointed authorities. Despite recent media suggestions, he maintained that the Ministry of Investment, Trade and Industry is prepared to support whoever takes on the role.
Tengku Zafrul further emphasized Malaysia's focus on companies that have improved their economic complexity and prioritize sustainability. He stated that Malaysia is open to investments that align with these goals, regardless of the companies' origins.
Regarding engagements with the US, Tengku Zafrul mentioned that MITI and its agencies maintain offices across various US locations, engaging with companies present in Malaysia and those considering investing. He indicated that these engagements typically occur in the second quarter of the year, coinciding with annual visits to both the east and west coasts of the US.