ID :
423284
Tue, 11/08/2016 - 10:03
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https://oananews.org//node/423284
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Msia Positive Of Recording Positive Growth In Total Trade By Year-End
KUALA LUMPUR, Nov 8 (Bernama) -- Malaysia is optimistic of registering a growth of between one and two per cent in its total trade this year despite the World Trade Organisation sharply revising its global trade forecast for 2016.
Deputy International Trade and Industry Chua Tee Yong said the ministry are aware of future challenges but it would work with the other government agencies, including the Malaysia External Trade Development Corporation (MATRADE), to assist Malaysian companies especially on export matters.
"I think the WTO has actually downgraded the growth outlook for total trade from 2.8 per cent, previously, to 1.7 per cent.
"There are countries that are posting slower growth but Malaysia has still remained slightly positive.
"Therefore, we believe that we will achieve a positive figure by year-end," he told reporters after the launch of Graphene Malaysia 2016 event here Tuesday.
In the 2017 Budget, Prime Minister Najib Razak said Malaysia’s total trade was expected to reach US$356.77 billion (RM1.5 trillion). (US$1 = RM4.20)
The WTO warned that growth had hit its slowest pace since the global financial crisis and estimated that global trade would grow by just 1.7 per cent in 2016 compared with its April projection of 2.8 per cent.
Malaysia’s trade surplus in September 2016 declined 21.6 per cent, year-on-year, (y-o-y) to RM7.6 billion while total trade declined 1.6 per cent during the same period to RM128.5 billion.
The two-day Graphene Malaysia 2016 organised by NanoMalaysia Bhd presented relevant and current topics on graphene, a thin layer of pure carbon.
Chua said the government would continue to support development in graphene venture.
"The potential of graphene is huge and we are looking into it because we want to ensure that our export remains competitive in the future.
"It will also be a driver to encourage more investments into the country," he added.
In 2014, Malaysia launched the National Graphene Action Plan (NGAP) 2020 in an effort to assess how the country can benefit from the potential of graphene.
The plan was aimed at exploring the material's downstream economic potential in five priority focus areas, including lithium-ion battery anodes and ultracapcitors and rubber additives.
Through the NGAP, Malaysia is expected to generate revenue worth RM9 billion, contributing RM20 billion to gross national income and creating 9,000 jobs by 2020.
-- BERNAMA