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Trade and investment mission to Latin America in Santiago, Chile

Trade and investment mission to Latin America in Santiago, Chile

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International Trade and Industry Minister Datuk Darell Leiking, began his trade and investment mission to Latin America in Santiago, Chile following the APEC Ministers Responsible for Trade Meeting in Valparaíso, Chile from 17-18 May 2019.

Minister Leiking met with the Chile-Malaysia Chamber of Commerce (CAMCHIMAL) and Chamber of Automotive Parts and Components (CAREP). The meetings explored the opportunities to improve trade and investment relations in various sectors including automotive, ICT mobility solutions, Internet of Things (IoT) and halal industry. The meetings also discussed the key concerns faced by both parties. Dato’ Madani Sahari, CEO MARii, was also part of the delegation that attended the meetings held.

“This trade mission, led by YB Datuk Darell Leiking, is an important milestone to bridge the Malaysian automotive sector and South American continent”, said MARii CEO, Dato’ Madani Sahari.

Dato’ Madani stated that an important outcome of the Chilean leg of the Latin American mission is organising a showcase of Malaysia’s strengths and capabilities in automotive component design and production by the end of 2019.

“To strengthen trade between our two countries in the automotive sector, MITI and MARii also plan to showcase Malaysia’s progress in the greater connected mobility sector, which includes products and services within the Mobility-as-a-service (MaaS) and Intelligent Transport Systems (ITS)”, he added.

Separate meetings with Chilean companies in the retail, palm oil, medical devices and medical disposables as well as furniture sectors were also held. Apart from understanding the business environment in Chile and the existing business relations, Minister Leiking encouraged the companies to expand and diversify their businesses with Malaysia in electrical appliances, food & beverages, packaging, logistics and lifestyle products as well as establishing representative/regional offices in Malaysia. Minister Leiking also invited the companies to explore sourcing from Malaysia as well as to visit related trade exhibitions and meet potential Malaysian suppliers at pre- arranged business meetings.

In 2018, trade between Malaysia and Chile recorded RM1.32 billion (USD0.33 billion) with Malaysia’s exports to Chile amounted to RM0.81 billion (USD0.20 billion) while imports valued at RM0.51 billion (USD0.13 billion). Over 60% of exports to Chile were contributed by chemicals & chemical products, rubber products, wood products, electrical & electronic products as well as palm oil & palm oil based agriculture products. On the other hand, more than 60% of imports from Chile were metalliferous ores & metal scrap, seafood, fresh, chilled or frozen products, other agricultures as well as paper & pulp products.

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