Malaysia Needs To Be Realistic In Navigating Current Global Economic Landscape - Tengku Zafrul
KUALA LUMPUR, Oct 1 (Bernama) -- Malaysia has to be realistic in navigating the current global economic landscape, given its position as a highly open economy with strong ties to both the United States (US) and China, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said Malaysia’s trade-to-GDP (gross domestic product) ratio exceeds 200 per cent, with China as the country’s largest trading partner and the US its largest export market.
“The US is also the biggest investor in Malaysia over the past five years. followed by China. These two economies make up 45 per cent of the world’s GDP; you cannot ignore either of them,” he said in a clip shared on X today.
Tengku Zafrul emphasised that Malaysia must continue engaging both powers while upholding its principles of multilateralism and ASEAN centrality.
He noted that as ASEAN chair, Malaysia had recently hosted the ASEAN Economic Ministers’ meeting with major dialogue partners including the US, China, Japan, South Korea, India, Australia and New Zealand.
“Malaysia believes in engaging everyone, but decisions must be based on our principles. Consistency in trade, investment and foreign policy makes it easier for partners to understand our position,” said Tengku Zafrul.
-- BERNAMA
