YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry, Malaysia (MITI) and H.E. Gan Kim Yong, Minister for Trade and Industry, Singapore (MTI) co-chaired the inaugural Annual Ministerial Dialogue (1st AMD) held in Kuala Lumpur.

During the inaugural AMD, the Ministers reviewed the progress of the two Frameworks on Cooperation the Digital Economy and Green Economy, signed between the two governments during YAB Malaysia Prime Minister Dato’ Seri Anwar Ibrahim’s visit to Singapore on 30th January 2023.

MITI and MTI will continue discussions on potential collaborations in the carbon credits industry, and standards for renewable energy technology, reaffirmed the importance of advancing cooperation in multilateral and plurilateral fora and keeping trade and supply chains open, amidst volatility in the global economic environment.

The Annual Ministerial Dialogue is to be held on a regular platform as it boost bilateral trade, investments and people to people ties between Malaysia and Singapore.

Malaysia and Singapore are each other's second-largest trading partners, with bilateral trade reaching a significant USD 83.53 billion in 2022, reflecting a notable growth of 37.6% compared to USD 64.55 billion in 2021.

Singapore stands out as one of Malaysia’s primary sources of foreign direct investment, contributing 8.3% to Malaysia’s total FDI in 2022.

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