The Malaysia-China Summit (MCS) 2024 in Kuala Lumpur offers unparalleled prospects for Thai enterprises to amplify their trade and investment with Malaysia, Southeast Asian countries, and China.
Commissioner-General Tan Yew Chong highlighted substantial benefits for Thai industries at the MCS 2024: Networking Engagement Series in Bangkok on July 18. Thai businesses stand to gain by engaging with over 500 exhibitors and 10,000 trade delegates from Malaysia, China, and ASEAN.
“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,” Tan emphasized.
Under the theme ‘Prosperity Beyond 50,’ the summit marks five decades of Malaysia-China diplomatic relations and anticipates Malaysia’s ASEAN chairmanship in 2025. Featuring a three-day International Trade and Investment Expo and a two-day Leadership Conference, the event centers around five thematic pillars: Future Tech, Future Knowledge and Experience, Future Mobility & Connectivity, Future Growth, and Future Opportunity, covering over 20 vital sectors for regional economic growth.
Thai industries, particularly those 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.
Organized by Qube Integrated Malaysia with Malaysia External Trade Development Corporation (MATRADE), the summit aims to foster regional cooperation and showcase ASEAN’s collective strengths.
MATRADE Bangkok Trade Commissioner Mohamed Hafiz Md Shariff underscored the summit’s potential for business engagement and growth. “MCS 2024 offers businesses unprecedented opportunities to engage, collaborate, and explore new growth avenues with counterparts from Malaysia, China, and ASEAN.” The summit targets RM2 billion in potential trade and investment opportunities, offering vast prospects for Thai industries to innovate and diversify.
In his keynote address, Malaysian Ambassador to Thailand Jojie Samuel invited Thai industries to bolster bilateral trade with Malaysia, targeting $30 billion in total trade by 2027. Highlighting strong economic ties, he noted Thailand as Malaysia’s fourth-largest global trading partner and second-largest within ASEAN, with Malaysia being Thailand’s largest trading partner within ASEAN.
From 2017 to 2023, Malaysia and Thailand maintained robust bilateral trade relations, averaging $24.73 billion annually. Despite a slight decrease in 2023 due to global trade slowdowns, Malaysia remained Thailand’s leading ASEAN trading partner. From January to May 2024, total trade reached $9.76 billion, with exports valued at $5.02 billion and imports at $4.74 billion.
The Ambassador emphasized Malaysia’s export strengths in essential products for Thailand, such as 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,” Jojie Samuel affirmed. Stressing Thailand’s crucial role in regional collaboration and economic growth, he noted, “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.”
Set for December 17 to 19, 2024, at the Malaysia International Trade and Exhibition Centre in Kuala Lumpur, the summit presents a pivotal opportunity for Thai businesses to expand their horizons and forge strategic partnerships.
BUSINESS GENERAL | India Raises Major Trade Deficit Concerns at WTO Review of China
