Kuala Lumpur: Taiwan emerged as Malaysia’s fourth-largest trading partner in 2024, with the trade value reaching RM176.10 billion, marking a significant 38.5 percent increase from the preceding year.

According to BERNAMA News Agency, the Malaysia External Trade Development Corporation (MATRADE) highlighted these figures, underscoring the strengthening economic ties between the two regions.

MATRADE’s director for the China and Northeast Asia and ASEAN and Oceania Section, Mazlan Harun, noted Taiwan’s status as Malaysia’s sixth-largest export destination and fourth-largest source of imports. He pointed out that the major products traded include electrical and electronic products, petroleum products, and optical and scientific equipment. Speaking at the soft launch of Taiwan Expo 2025, Mazlan emphasized the robust bilateral trade relationship.

Mazlan further mentioned the renewal of a memorandum of understanding with the Taiwan External Trade Development Council (TAITRA) in December 2023. This renewed agreement aims to foster cooperation through knowledge exchange programs and mutual support in key programs such as the Malaysia International Halal Showcase (MIHAS) and the Taiwan Expo in Malaysia.

Additionally, Mazlan highlighted the collaboration between MATRADE, the International Trade Administration (TITA), and the Taipei Economic and Cultural Office (TECO) in Malaysia. These bodies co-chair the annual Trade Working Group Meeting under the Malaysia-Taiwan Economic Cooperation Committee umbrella, serving as a platform for further strengthening bilateral trade cooperation.

Mazlan also pointed out the alignment of Taiwan’s semiconductor and advanced manufacturing expertise with Malaysia’s goals outlined in the New Industrial Master Plan 2030. Malaysia’s halal ecosystem offers Taiwanese companies opportunities to expand into ASEAN markets, presenting potential for mutual growth.

TECO’s Malaysia representative, Phoebe Yeh, added that Taiwan’s investment in Malaysia more than doubled during the same period, reaching US$1.29 billion. This positions Taiwan as the eighth-largest source of foreign direct investment in Malaysia, with a cumulative investment of US$15.6 billion. Yeh noted the presence of over 1,700 Taiwanese companies with significant investments in Malaysia, highlighting the strong economic ties between the two economies.