US ban on 5 Malaysian companies won’t hurt exports, says Zafrul

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Kuala Lumpur: The US’s unilateral ban on five Malaysian companies will not affect the overall value of the country’s exports, says investment, trade and industry minister Tengku Datuk Seri Zafrul Aziz.

In a written parliamentary reply, Zafrul said the implications were individual in nature in terms of the companies’ loss of access to US-based financial, trading and services systems.“None of the companies are registered with the Malaysian Investment Development Authority for any manufacturing licences or incentives. This means they are traders rather than manufacturers," he said.

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"Jatronics informed us that most of its export activities involve integrated circuit exports, especially to Russia," he said.Zafrul said the ministry is constantly in touch with the US embassy in Kuala Lumpur to obtain further information on the unilateral ban and holds sharing sessions on procedures to remove the companies from the list with the help of a US law firm.

 

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