Strengthening Thai-Malaysian trade and investment ties, regional growth at the Malaysia-China Summit 2024

BANGKOK, Thailand, 17 July 2024 /Bernama-AsiaNet

The upcoming Malaysia-China Summit (MCS) 2024 in Kuala Lumpur presents tremendous opportunities for Thai businesses to enhance their trade and investment not only with Malaysia but also Southeast Asian countries and China.

MCS 2024 Commissioner-General Dato’ Dr. Tan Yew Chong said Thai industries would gain from engaging with over 500 exhibitors and 10,000 trade delegates from Malaysia, China, and ASEAN at the summit.

“They should not miss out on the business matching opportunities, industry forums, pocket talks, networking, and knowledge sharing offered at the summit which aims at fostering regional collaborations and cooperation,” he said at the MCS 2024: Networking Engagement Series in Bangkok today.

The summit, themed “Prosperity Beyond 50,” will feature a three-day International Trade and Investment Expo and a two-day Leadership Conference anchored by five thematic pillars: Future Tech, Future Knowledge and Experience, Future Mobility & Connectivity, Future Growth, and Future Opportunity. These pillars focus on over 20 key sectors vital to regional economic growth.

Thai industries, particularly in digital technology, AI, renewable energy, electric mobility, commodities, global services, tourism, education, regional connectivity infrastructure, electronics, healthcare and medical tourism, advanced manufacturing, F&B, halal industry, franchise operations, culture and tourism, will find abundant collaboration and growth opportunities at the summit.

Organised by Qube Integrated Malaysia in association with the Malaysia External Trade Development Corporation (MATRADE), the summit celebrates 50 years of Malaysia-China diplomatic relations, while fostering regional cooperation and showcasing ASEAN’s collective strengths in anticipation of Malaysia’s chairmanship of ASEAN in 2025. It will be held from 17 to 19 December 2024 at the Malaysia International Trade and Exhibition Centre in Kuala Lumpur.

Trade Commissioner of MATRADE Bangkok Mr. Mohamed Hafiz Md Shariff said: “MCS 2024 offers businesses unprecedented opportunities to engage, collaborate, and explore new growth avenues with counterparts from Malaysia, China, and ASEAN.

“With a high number of exhibitors and trade visitors covering a wide range of sectors, Thai businesses can expand their market reach, forge strategic partnerships, and gain

insights into emerging trends and technologies,” he said.

The Trade Commissioner pointed out that the summit targets at least RM2 billion in potential trade and investment opportunities, providing vast prospects for Thai industries to innovate, diversify their portfolios, and capitalise on the synergies between Malaysia and China markets.

In his keynote address, Malaysian Ambassador to the Kingdom of Thailand, Datuk Jojie Samuel invited Thai industries to strengthen bilateral trade with Malaysia, towards achieving the two countries’ shared goal of USD 30 billion in total trade by 2027.

Both countries have committed to this target, highlighting compelling reasons for Thai businesses to participate in MCS 2024. “This ambitious target reflects our strong commitment to expanding economic cooperation and exploring new investment opportunities between our two countries,” remarked the Ambassador.

Emphasising the robust bilateral trade relations between Malaysia and Thailand, he said Thailand is Malaysia’s fourth-largest global trading partner and its second largest within ASEAN, while Malaysia is Thailand’s largest trading partner within ASEAN.

This mutual reliance reflects significant economic ties and opportunities for deeper collaboration.

“From 2017 to 2023, Malaysia and Thailand maintained robust bilateral trade relations, averaging USD 24.73 billion annually. Despite a slight decrease in 2023 due to global trade slowdowns, Malaysia remained Thailand’s leading ASEAN trading partner,” he added.

“For January to May 2024, total trade between Malaysia and Thailand reached USD 9.76 billion (RM 46.16 billion), with exports valued at USD 5.02 billion (RM 23.74 billion) and imports at USD 4.74 billion (RM 22.42 billion),” H.E. Datuk Jojie noted.

The Ambassador also highlighted Malaysia’s export strengths in products essential to Thailand, including electrical components, healthcare goods, and halal products, catering to Thailand’s sizable Muslim population.

“The summit aligns with our vision of a prosperous ASEAN region interconnected through robust trade and investment. It provides a powerful platform that enhances opportunities for businesses across the region,” he affirmed.

He also stressed Thailand’s crucial role in driving regional collaboration and economic growth. “As founding members of ASEAN, Malaysia and Thailand have consistently collaborated to drive regional economic growth, integration, and stability. Together, we can build on ASEAN’s achievements, fostering resilient economies, competitive businesses, and a united region.”

The MCS 2024 networking series in Bangkok was attended by 200 guests from the public and private sectors. Speakers at the event included Malaysian-Thai Chamber of Commerce Honourary Chairman Mr. Yeap Swee Chuan and AirAsia. AirAsia is the official airline partner for MCS 2024. Other strategic partners are Tourism Malaysia, Malaysia Convention & Exhibition Bureau, Malaysia-China Business Council, National Chamber of Commerce & Industry of Malaysia, Malaysia-China Chamber of Commerce, China Enterprises Chamber of Commerce in Malaysia, MAYCHAM China, ASEAN Chamber of Commerce and Industry, and Persatuan Muafakat One Belt One Road. MCS 2024 media partners are Bernama, The Star, and Sin Chew Daily.