KUALA LUMPUR, Malaysia Sept 25 (NNN-Bernama) Malaysia will take cautious steps to prevent product dumping in the local market created by the diversion from the trade wars, Minister of International Trade and Industry Darell Leiking said.
He said the ministry was also aware of the possibility of import product dumping in the local market as global traders seek to elude the US-China trade war.
“That is the one that we are concern about because we don’t want them to divert their trade and then dump into our country but we want them to look for opportunities with our country, not to dump,” he told reporters after officiating the Malaysian Oil and Gas Services Exhibition and Conference here today.
However, he said the ministry had also acknowledged that trade diversion could positively impact the Malaysian market as an alternative investment destination.
“We welcome people who are diverting their business to Malaysia, we can also facilitate them to do other business and also to probably leapfrog them to other countries in Asia or ASEAN,” he said.
Darell also called for ASEAN countries to work together as a unit to cushion any possibility of a global effect because of the trade war.
“Any trade war will affect any economy…the solution is ASEAN must group together to protect our economies so we will not be greatly affected by this.
“In fact, we should offer other nations, including America and China, the opportunity to trade with us,” he said.
He said ASEAN with a population of 640 million was a huge market to tap as well as to educate new business.
Nevertheless, he said the US and China must come to their senses to realise that the trade war created had affected the livelihoods beyond the two economic powerhouses.
“What ever they decide, although it involves protectionism and pride of their nation, they should also consider the effect on those who are working and trading with them.
“We want them to solve their problems amicably, not for their own interest but for the interest of the world,” he added.
Earlier in his speech, Darell said the local oil, gas and energy (OGE) sector was on track to achieve five per cent annual growth until 2020.
He said entry point projects such as enhanced oil recovery, regional storage solutions and unlocking of premium gas demand were targeted to contribute towards the sector’s growth for the next few years.
“In order to achieve the projected Gross National Income of RM131.4 billion and create 52,300 additional jobs by 2020, the OGE sector is focused on three key areas expanding the downstream sector, lifting the domestic production and pushing for renewable energy,” he said.
Currently, OGE sector constitutes roughly 20 per cent of the Malaysia economy.
Themed “Catalysing Regional Growth in Oil and Gas”, the three-day event aims to enhance the competitiveness of local oil and gas services provider to explore possible collaboration or partnership with regional players in terms of technologies, integrated solutions or export capabilities.
Source: NAM News Network