On December 13, 2024, the Consulate General of Malaysia in New York hosted a trade and investment networking reception that attracted 80 participants from the business and trade communities in New York and New Jersey. Consul General Amir Farid Abu Hasan emphasized the importance of the US as Malaysia's third-largest trading partner and highlighted Malaysia's strategic position as a gateway to Southeast Asia. He reported a 5.3% GDP growth in Q3 2024 and a 13.7% year-on-year increase in total trade. This event, organized in collaboration with the Malaysian Investment Development Authority (Mida) and the Malaysia External Trade Development Corporation (Matrade), showcased Malaysia's success in attracting over US$57.46 billion in approved investments in 2024, marking an 18% increase from the previous year. The reception aimed to strengthen economic ties and promote investment opportunities as both nations celebrate the 10th anniversary of the Malaysia-US Comprehensive Partnership in 2024.
In a recent statement, US Ambassador to Malaysia, Edgard D Kagan, assured that there will be no major changes in US-Malaysia economic relations despite the upcoming leadership transition in the United States. Kagan expressed confidence in the continued economic benefits for both nations, noting that details of the new US administration's policies will be revealed in January 2025, following Donald Trump's anticipated swearing-in for a second term on January 20, 2025. The ambassador highlighted the robust trade dynamics between the two countries, with US-Malaysia two-way goods trade increasing by an impressive 29.1% in 2024, positioning Malaysia as likely to become the US's third-largest trading partner in ASEAN.
The economic relationship has been further bolstered by significant US investments in Malaysia, which have created nearly 312,815 jobs since 2021. Malaysia's exports to the US saw a notable growth of 19.1% in 2024, with key imports from the US including aircraft components and semiconductor manufacturing equipment. Over RM150 billion in US foreign direct investments have flowed into Malaysia, solidifying the US as the country's second-largest export market. These developments come at a time when Malaysia is also navigating its own economic challenges and opportunities, as highlighted by Finance Minister Tengku Zafrul's recent remarks on the nation's resilience in the face of potential global economic downturns. [d2abdbc7][43fd8fce][ea0b422d][78275ffc][f06d0252][d09689f7]