New Zealand, Malaysia to increase bilateral trade value by 50% by 2030

Friday 15 Nov 2024

KUALA LUMPUR (Sept 2): New Zealand and Malaysia have agreed to expand bilateral trade value by 50% by 2030, said New Zealand Prime Minister Christopher Luxon on Monday.

“We are working on e-certification and new customs cooperation to ensure smooth flows at the borders, and we also discussed strengthening our education links and our youth exchanges, so that the next generation of Kiwis (New Zealanders) and Malaysians have that same close relationship that we enjoy,” he said at a joint press conference with Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim at the Prime Minister’s Office in Putrajaya.

He is on his first official visit to Malaysia from Sept 1-3 this year, marking a significant step to further strengthen the already robust ties between the two nations.

During his visit, Luxon met with Anwar to explore avenues for deepening bilateral relations, with a particular focus on expanding trade, investment, and defence cooperation.

In 2023, New Zealand was Malaysia’s 28th largest trading partner, 22nd largest export destination, and 27th largest source of imports among countries in the Oceania region, with the total trade between Malaysia and New Zealand amounting to RM11.56 billion (US$2.54 billion).

As of June 2023, Malaysia was New Zealand’s second-largest trading partner, with trade volume between the two countries reaching RM6.32 billion (US$1.46 billion).

Also in 2023, 24 investment projects valued at RM238.28 million (US$79.9 million) were approved. They are to generate 1,137 jobs.

Luxon, who assumed his premiership on Nov 27, 2023, acknowledged Malaysia's incredible growth story.

“There is so much that New Zealand can learn from you. Your exceptional success in attracting foreign investment is something that I look forward to, and have enjoyed discussing with you today as well,” he added.

Meanwhile, Anwar said Malaysia and New Zealand have agreed to enhance collaboration in trade, investments and research, particularly in the halal industry.

He said he would meet with the Malaysian Cabinet on Tuesday (Sept 3), to seek advice and experience on the measures needed to enhance ties between the two countries.

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