US Tariffs On Mexico, Canada, China Create Opportunities For Malaysian Exporters To Boost US Shipments - MITI
KUALA LUMPUR, March 24 (Bernama) -- The introduction of tariffs by the United States (US) on Mexico, Canada, and China could open opportunities for Malaysian exporters to increase production and double their exports to the US.
The Ministry of Investment, Trade, and Industry (MITI), in the Dewan Negara today, stated that while it may not have a direct impact on Malaysia’s exports, the rise in product prices from the countries subjected to tariffs will make Malaysian products a more competitive market alternative.
“Investor countries are also expected to look for new investment destination targets and competitive product sources to avoid paying high tariff payments,” MITI said.
The agency said this in reply to Senator Robert Lau Hui Yew who asked MITI to outline the impact of the US protective policies, especially in terms of tariff increases, and the measures taken to minimise these impacts.
MITI said the government believes it is too early to conclude that US trade protection policies will negatively affect Malaysia’s economy in terms of export performance, the loss of investment, and the relocation of multinational companies.
MITI stated that the relocation of a company’s operations is not carried out over a short period but needs to consider various factors, including the company’s capability for new long-term investments.
“Malaysia has its strengths to attract foreign investment and encourage new projects, diversification, and expansion.
“The ministry, through its agency, the Malaysian Investment Development Authority (MIDA), applies a country-focused strategy and identifies investment opportunities by considering the current geopolitical environment and the direction of partner countries, including the uncertainty of US policies,” it said.
-- BERNAMA