Singapore, Malaysia bilateral trade up 36% in H1

Bilateral trade between Singapore and Malaysia reached 52 billion Singapore dollars (about 39 billion U.S. dollars) in the first six months of 2010, up nearly 36 percent over the same period of last year, a Singapore minister said on Thursday.

Speaking at a seminar here, Singapore's Minister for Trade and Industry Lim Hng Kiang said business linkages between Singapore and Malaysia have traditionally been strong and are set to grow even stronger.

Lim also encouraged businesses in Singapore to seize the opportunity to explore and seek out business prospects that will play to the natural synergies between Malaysia and Singapore.

He added that companies should draw on the complementary strengths between Malaysia and Singapore to develop business propositions that ride on the Association of Southeast Asian Nations'(ASEAN's) growth and cater to its sizeable market. Furthermore, economic synergies between Malaysia and Singapore can serve as a stepping stone towards ASEAN integration.

Source:Xinhua