Chen Tianbao, President of the Malaysian Textile Manufacturers Association (MTMA), attended the "Taiwan Textile and Apparel Industry Semi-Pacific Partnership Agreement (TPP) Business Strategy Seminar" and pointed out that if the Trans-Pacific Partnership Agreement is implemented, it will create more for the Asia-Pacific region. Many outsiders directly invest, and it is expected that the investment in the textile industry from 2018 to 2027 will increase by 75.65% to 1.075 RM RM 612 billion (US$ 145.585 billion). The agreement not only promotes the growth of the textile industry, but also drives the construction industry and the wholesale and retail industry.
President Chen continued that Malaysia is a country open to the economy and highly focused on international trade. It is convinced that under the open gateway of trans-Pacific countries, it can bring business opportunities to Malaysian textile and other industries. The textile and garment industry exports the 10th largest industry for Malaysia, with exports amounting to RM 13.2 billion, accounting for 1.7% of Malaysia's total exports of manufacturing products.
The United States, Japan, China, Singapore and Turkey are the top five textile exporters in Malaysia, of which the United States is Malaysia's largest export market, accounting for 18.3% of total textile exports.
The TPP Agreement is expected to bring many benefits to the Malaysian textile industry. After the implementation of the agreement, it will attract more outsiders to invest directly in Malaysia to set up factories, especially in the upstream areas of the textile industry, such as fiber and spinning, dyeing and fabric production. In 2014, Shandong Yanyin Textile Group invested 650 million RM in Ma Guorou in Foshan to build a production line and announced that it will increase its capital by RM500 million in 2016 to expand its production line to cope with textile and related apparel products. demand.
On the other hand, the Secretary General of the Malaysian Ministry of International Trade and Industry, Siri, said that the textiles currently exported by Malaysia to the TPP member countries are about RM5.3 billion. It is estimated that the export volume will increase significantly in the two years after the agreement takes effect. At that time, 90% of Canada, 27.6% of the United States and 13.3% of Mexico's textile import tariffs will be abolished immediately. Under the market opening, the textile industry's exports will increase substantially.
There will be great variables in the implementation of the TPP Agreement.
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