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KUALA LUMPUR, Nov. 12 (Xinhua) -- The Malaysia External Trade Development Corporation (MATRADE) and the Industrial and Commercial Bank of China (Malaysia) (ICBC Malaysia) have signed a memorandum of understanding (MoU) to promote two-way trade and investment.

The MoU formalized the cooperation of both parties to strengthen Malaysia-China economic and trade development as well as cross-border investment cooperation on the basis of mutual benefit.

MATRADE said in a statement on Thursday that a virtual MoU signing ceremony between MATRADE and ICBC Malaysia was held during the Belt and Road Trade Fair in conjunction with the third China International Import Expo (CIIE) in Shanghai earlier this month.

"This initiative will further improve the synergy between MATRADE and ICBC Malaysia in creating a strong foothold for Malaysia in China particularly in implementing our trade promotion programs, including business matching, trade advisory information, international business consultations, trade fairs and trade missions," said MATRADE's CEO Wan Latiff.

"In the current challenging period of doing business amid the global pandemic, MATRADE will continue to support and promote the bilateral trade and potential collaborations between Malaysia and China using multiple channels which include the ICBC Business Matchmaker Platform," he added.

"The platform is considered an excellent channel for Malaysian exporters to reach out to millions of ICBC's clients not only China but also globally."