Over RM480 Billion Total Trade between Malaysia-Singapore in 2022

The economic ties despite COVID-19 have amounted to S$128 Billion in 2021, reflecting strong ties in between the two countries. More in the article

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Azfar noted that Singapore is also the second largest foreign investor in Malaysia with approved investments from Singapore valued at US$12 billion last year (Image credits Bernama)

Malaysia’s High Commissioner to Singapore, Datuk Azfar Mohamad Mustafar, expects a total of S$150 billion (RM481.6 billion) in trade between Malaysia and Singapore in 2022. He made the statement at the reception for the 65th National Day and the 59th Malaysia Day on the 9th of September and added that the total trade for the first seven months of this year was S$90 billion.

“Our economic ties are robust. Malaysia is Singapore’s second-largest trading partner and likewise, Singapore is Malaysia’s second-largest trading partner.

“In 2021, despite the disruptions caused by COVID-19, the total trade amounted to S$128 billion,” he said.

The reception was attended by the republic’s Health Minister, Ong Ye Kung, as well as high commissioners and ambassadors, members of the diplomatic corps, and Malaysians working in the island city.

Azfar also mentioned that Singapore is the second largest foreign investor in Malaysia, with approved investments totalling US$12 billion last year.

People-to-people ties are also very strong, Azfar said according to a news report, mentioning many Malaysians and Singaporeans with relatives and friends who work, live or study across the causeway, resulting in a strong bond of friendship and kinship continue to be an important factor forming the core of the bilateral relationship.

As the world embraces a digital, green, and circular economy, Azfar added that both countries will continue to collaborate and support each other for mutual benefits and advantages.

“Malaysia and Singapore collaborate and have common positions on a wide range of regional and international issues, and we are committed to working with Singapore and other countries to ensure ASEAN’s centrality and unity to maintain regional and international peace, security and stability, to ensure the supremacy of the rule of law, freedom of trade and multilateralism,” he said.

Azfar believes Malaysia’s relations with Singapore will continue to deepen and grow stronger.

“The longstanding, deep-rooted, and comprehensive bond of ‘Causeway Friendship’ will endure the test of time for the benefit of our people and our future,” he said.

The High Commissioner emphasised that the leaders of both countries visit each other on a regular basis citing Deputy Prime Minister Lawrence Wong who was in Malaysia and had fruitful exchanges with many Malaysian leaders.

“Our leaders will continue to strengthen our bilateral relations, and for the remaining months of 2022, a number of high-level visits have been planned,” he said.

Malaysian firms and agencies in Singapore that supported the reception included MISC Bhd, Maybank, CIMB, EcoWorld, Causeway Link, Handal Indah, KTMB, Malaysia Airlines, Teleport, Sarawak Trade and Tourism Office Singapore, and Johor Economic Tourism and Cultural Office Singapore.