Malaysia-Singapore total trade to hit RM481bil in 2022
SINGAPORE: Total trade between Malaysia and Singapore for 2022 is expected to be in the region of S$150 billion (RM481 billion), says Malaysia’s high commissioner to Singapore Azfar Mohamad Mustafar.
Speaking at the reception of the 65th National Day and 59th Malaysia Day yesterday, Azfar said for the first seven months of this year, total trade was recorded at S$90 billion (RM289 billion).
“Our economic ties are robust. Malaysia is Singapore’s second-largest trading partner, and likewise, Singapore is Malaysia’s second-largest trading partner.
“In 2021, despite the disruptions caused by Covid-19, total trade amounted to S$128 billion,” he said.
The reception, which was held at the Grand Hyatt here, was attended by the republic’s health minister Ong Ye Kung, high commissioners and ambassadors, members of the diplomatic corps, and Malaysians working in the island republic.
Azfar noted that Singapore is also the second largest foreign investor in Malaysia with approved investments valued at US$12 billion last year.
The people-to-people ties are also very strong, he said.
“The strong bond of friendship and kinship among our peoples will continue to be an important factor forming the core of our bilateral relationship,” he said.
As the world moves forward and embraces a digital, green, and circular economy, Azfar said both countries will continue to work together in these areas and support each other for mutual benefit and mutual advantage.
Malaysia and Singapore, he said, also work together and share common positions on many regional and international issues.
“Malaysia is committed to working with Singapore to ensure Asean’s centrality and unity.
“Malaysia is also committed to working with Singapore, as well as other countries, to maintain regional and international peace, security and stability, to ensure the supremacy of the rule of law, freedom of trade and multilateralism,” he said.
Azfar said he believes that Malaysia’s relations with Singapore will continue to deepen and grow.
“The longstanding, deep-rooted, and comprehensive bond of ‘Causeway Friendship’ will endure the test of time for the good of our peoples and our future,” he said.
The high commissioner highlighted that both countries’ leaders visit each other on a regular basis.
“Deputy prime minister Lawrence Wong was in Malaysia a few days ago and had fruitful exchanges with many Malaysian leaders.
“Our leaders will continue to strengthen our bilateral relations, and for the remaining months of 2022, a number of high-level visits have been planned,” he said.
