Malaysia and Taiwan on December 9 made a commitment to explore ways to further enhance bilateral economic relations and to overcome challenges between the two countries, Bernama reported.

Through the 14th Malaysia-Taiwan Joint Economic Conference being held in Kuala Lumpur, the two countries want to identify the focus areas for more dynamic collaborations and charting of an action plan to be pursued by them. The National Chamber of Commerce and Industry of Malaysia (NCCIM), which organised the one-day meeting, aims to increase two-way trade over 10 per cent by end-2013.

NCCIM President Datuk Syed Ali Alattas said an increase of over 10 per cent is the target which can be achieved as compared to the previous year which recorded a decline of 10 per cent in Taiwan's total investments in Malaysia.

"Taking 2011 as a benchmark, we are capable of improving the total investment. I'm confident that we will achieve a 10 per cent increase by renewing and reactivating the cooperation between the two nations," he told reporters on the sidelines of the conference.

Syed Ali also said sectors that contribute to total trade are mainly electrical and electronics (50 per cent) while the rest are from oil and gas sector, steel, furniture and three new sectors, namely pharmaceuticals, food and cosmetics.

Meanwhile, International Trade and Industry Deputy Minister Datuk Hamim Samuri said the small and medium enterprises should grab the opportunity to expand their businesses in Taiwan.

He said Taiwan is the 8th largest trading partner with Malaysia which contributed total investments of $15.22 billion (in 2012 and $12.16 billion between January and September 2013.

By investvine.com/

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