MITI Deputy Minister heads for Singapore on working visit

KUALA LUMPUR: Deputy International Trade and Industry Minister Ong Kian Ming is undertaking a three-day working visit to Singapore starting today to strengthen trade and investment ties between the two countries.

Ong is scheduled to meet Singapore Trade and Industry Minister Chan Chun Sing and Senior Minister of State Chee Hong Tat to exchange views on the current economic landscape and business opportunities, the Ministry of International Trade and Industry (MITI) said in a statement.

It said the deputy minister would also participate in the “Asia in the World Economy Roundtable” at the Lee Kuan Yew School of Public Policy, National University of Singapore.

On the investment front, Malaysia received foreign direct investments (FDI) from Singapore totalling RM120.89 billion or 19.4 per cent of its total FDI until the third quarter of 2018, making Singapore, Malaysia’s largest source of FDI which focused on manufacturing and services.

At the same time, Malaysia invested RM95.20 billion in Singapore or 19.7% of Malaysia’s total direct investment abroad which focused mainly on services.

Malaysia’s trade with Singapore in 2017 was recorded at US$53.18 billion, representing 12.9% of Malaysia’s total trade.

Singapore, which is Malaysia’s largest trade partner within Asean, is also Malaysia’s largest export destination, with US$31.6 billion, constituting 14.5 per cent of Malaysia’s total exports in 2017.