Malaysia, Italy eye deeper economic cooperation amid global trade shifts
KUALA LUMPUR: Malaysia and Italy are set to deepen economic cooperation as both nations seek stronger bilateral ties and greater collaboration between Asia and the European Union (EU).
International Trade and Industry Deputy Minister Liew Chin Tong said the move comes at a crucial time as global trade dynamics face significant disruption.
"We would like to see stronger collaboration between Malaysia and Italy, as well as greater partnerships between Asia and the EU," Liew said at the grand launch of Generali Malaysia's new headquarters.
Liew is scheduled to meet Italy's Ministry of Enterprise Deputy Minister Valentino Valentini at the International Trade and Industry Ministry (MITI) headquarters here today.
Referring to the lingering impact of United States President Donald Trump's tariff policies, Liew said countries are grappling with "a once-in-a-generation challenge," making international economic cooperation more vital than ever.
"The relationship and economic cooperation between Malaysia, Italy and between Asia and the EU is very important in navigating these challenges," he emphasised.
Malaysia and Italy share long-standing economic ties, particularly in sectors such as machinery, chemicals, food and beverages and automotive.
Last year, total trade between the two countries reached RM14.6 billion, marking a two per cent increase from 2023.
Liew's meeting with Valentini is set to lay the groundwork for new initiatives, aimed at fostering sustainable growth and resilience in an increasingly interconnected global economy.
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