Amir said Malaysia must focus on enhancing its existing economic strengths. “It is important to focus on what we want to do,” he said today, Bernama reported.

The US has imposed a tariff of 24% on imports from Malaysia, while tariffs ranging from 10% to 46% have been imposed on other Asean countries.

Amir said the government would work to enhance the capabilities of local industries and boost domestic investment, supported by government-linked investment companies.

Khazanah Nasional, EPF, Retirement Fund Incorporated, Permodalan Nasional, Tabung Haji and the Armed Forces Fund Board have collectively pledged RM120 billion in direct investments over the next five years.

Amir also said 31 agreements on cooperation between Malaysia and China signed this week would provide Malaysia with opportunities to boost its industries as well as trade with China. The agreements were signed during the visit of Chinese president Xi Jinping, which ended yesterday.