Taiwan-Malaysia Trade Value Hits Rm176.10 Bln In 2024, 38.5 Pct Growth - MATRADE
KUALA LUMPUR, June 10 (Bernama) -- Taiwan was Malaysia’s fourth-largest trading partner in 2024, with trade valued at RM176.10 billion, representing a 38.5 per cent growth from the previous year, according to the Malaysia External Trade Development Corporation (MATRADE).
MATRADE’s China and Northeast Asia and ASEAN and Oceania Section director, Mazlan Harun, said Taiwan is also Malaysia’s sixth-largest export destination and the fourth-largest source of imports.
“Taiwan is an important trading partner. Major products that we trade with Taiwan include electrical and electronic products, petroleum products and optical and scientific equipment.
“The remarkable bilateral trade volume achieved in 2024 is a clear indicator of the robust and growing economic synergy between our two nations,” he said during the soft launch of Taiwan Expo 2025 here on Tuesday.
Mazlan emphasised that MATRADE reaffirmed its strong cooperation with Taiwan in enhancing trade relations, noting the renewal of a memorandum of understanding (MoU) with the Taiwan External Trade Development Council (TAITRA) in December 2023 for another two years to further facilitate vital collaborations.
“These include knowledge exchange programs between MATRADE and TAITRA officials, as well as mutual support to each other’s key programmes, such as the participation in MATRADE’s flagship event, namely the Malaysia International Halal Showcase (MIHAS) and the Taiwan Expo in Malaysia.
Mazlan added that together with the International Trade Administration (TITA), and the Taipei Economic & Cultural Office (TECO) in Malaysia, MATRADE co-chairs the annual Trade Working Group (TWG) Meeting, under the Malaysia–Taiwan Economic Cooperation Committee (MTECC) umbrella.
“This meeting serves as an active platform for authorities and business communities from both Malaysia and Taiwan to exchange insights and engage in constructive discussions aimed at further strengthening our bilateral trade cooperation, with the 14th TWG meeting this year to be hosted by Taiwan,” he said.
Mazlan said that Taiwan’s expertise in semiconductors and advanced manufacturing aligned perfectly with Malaysia’s drive to accelerate digital transformation and move up the value chain as outlined in the New Industrial Master Plan 2030 (NIMP 2030).
Similarly, Malaysia’s robust halal ecosystem positions the nation as a gateway to ASEAN and offers significant opportunities for Taiwanese companies seeking to expand into these segments.
“This presents vast potential for mutual growth and shared prosperity for both economies,” he said.
Meanwhile, TECO’s Malaysia representative, Phoebe Yeh, stated Taiwan is Malaysia’s fourth-largest trading partner, and its investment in Malaysia more than doubled year-on-year during the same period, reaching US$1.29 billion (US$1 = RM4.24).
“This makes Taiwan the eighth-largest source of foreign direct investment in Malaysia, with a cumulative investment of US$15.6 billion,” she said.
According to Yeh, currently, over 1,700 Taiwanese companies have significant investments in Malaysia, underscoring the strong economic ties between the two partners.
-- BERNAMA
