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Four times more Shanghai traders at Malaysian trade fair
Online Edition
THE number of companies from Shanghai more than quadrupled today compared with last year at the biggest annual trade event in Southeast Asia, in Kuala Lumpur, Malaysia, amid the Chinese yuan’s rising purchasing power.
A group of 129 Chinese buyers from 84 companies are attending the International Malaysia Trade exhibition, an increase from 65 companies in 2012.
But companies based in Shanghai, which made up more than half of the buyer group from China, jumped from only 10 last year to 43 this year, according to Malaysia External Trade Development Corp (MATRADE), the government agency that promotes the country’s trade.
“Now it’s not a good time for exporters because the demand in Western markets is not looking good. But it’s a good time for us to make some purchases overseas because we have a stronger yuan,” Zhang Yue, general manager of Shanghai Yuequan Industrial Co told Shanghai Daily. “I think there’s quite a large group here from China to look at the Malaysian food industry.”
Big international companies also have sent delegations from their Shanghai offices to the trade event. Zhou Liuruihang, procurement manager of Nicols International SA in Shanghai, said the Belgium-based manufacturer of household and cleaning products wants to boost global sales to 100 million euros (US$135 million) this year, and the Shanghai procurement office is working hard on finding suppliers in Asia.
Bilateral trade between China’s mainland and Malaysia was US$47 billion during the first three quarters of the year, up 8 percent from the same period last year, according to MATRADE.
China is currently the second-largest buyer of Malaysian goods and services after Singapore.
The trade fair is part of the Malaysian government’s plan to build the country into a trade hub for the Asia Pacific region.
“Exports and imports currently represent about 100 percent of our GDP,” said Wong Lai Sum, chief executive officer of MATRADE.
“Malaysia is a small country, but with our neighbors we have reached RM$1 trillion (US$311 billion) in total trade in the first three quarters of this year.”
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