MALAYSIA is set to reduce its dependence on imported raw material to avoid getting caught in the crossfire of international trade wars, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pic).
The Investment, Trade and Industry Minister said this strategy is aimed at shielding the country from economic tensions, particularly involving the United States, China and Russia.
He said the government is committed to bolstering domestic industries and securing supply chains by prioritising the use of local resources and sourcing from Asean nations.
“The government will continue to encourage and emphasise the importance of local industries by utilising domestic resources, mainly to lessen our reliance on imports from countries engaged in trade wars.
“Priority will be given to supply sources within the Asean region to ensure supply chain stability,” he said in response to Datuk Seri Amirudin Shari (PH-Gombak).
Tengku Zafrul also reaffirmed Malaysia’s stance on non-alignment with the major economic powers in handling international trade disputes.
He said the government is focused on strengthening diplomatic and trade ties with all countries, exploring new markets globally and deepening existing relations with key trading partners.
The minister said Malaysia plans to diversify its export markets, targeting non-traditional partners such as the United Arab Emirates, Saudi Arabia and Central Asian nations like Kazakhstan and Uzbekistan.
“Emerging markets such as Oman, Kenya and Egypt, which have shown significant export growth, will also receive increased attention,” he revealed.
He said the government is actively pursuing new free trade agreements (FTAs), such as the Malaysia-UAE Comprehensive Economic Partnership Agreement and the Asean-Canada FTA, and upgrading existing agreements like the Asean-China FTA.
“These efforts aim to secure more stable and competitive export markets for Malaysia,” he added.
Tengku Zafrul said the recent high-level visits, including the Prime Minister’s visit to Russia in September, opened up new diplomatic and trade opportunities, further solidifying Malaysia’s participation in international platforms such as BRICS.
By prioritising local industries and diversifying trade relations, he said Malaysia aims to navigate the complexities of global trade tensions while ensuring the continued growth of its key sectors.
