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BUSINESS

Malaysia-UAE bilateral trade set to record double-digit growth next year

22/11/2021 08:06 PM

By Kenny Teng Khoon Hock

DUBAI, Nov 22 -- The bilateral trade between Malaysia and United Arab Emirates (UAE) is set to record healthy double-digit growth in the post-pandemic era next year, said Malaysia’s Ambassador to the UAE Mohd Tarid Sufian.

Mohd Tarid said he is always optimistic that bilateral trade, not only with UAE but also with other Gulf Cooperation Council countries, will grow rapidly after the pandemic.

"Despite the pandemic, the Malaysia-UAE bilateral trade managed to record double digit growth of up to US$5 billion last year… that's why we are expecting another positive growth next year," he told Bernama after officiating the Week 8 @Expo 2020 Dubai at the Malaysia Pavilion hosted by the Northern Corridor Implementation Authority (NCIA) here today.

He said Malaysia has been leveraging on trade and investment opportunities during Expo 2020 Dubai which will serve as a platform for Malaysian companies to secure potential business opportunities.

Malaysia’s exports to the UAE are primarily electrical and electronic products, jewellery, petroleum products, machinery, equipment and parts, processed food, metal products, palm oil-related products, chemicals and chemical products, rubber products, transport equipment, and textiles.

Last month, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that Malaysia generated more than RM7.2 billion in business leads with companies based in several countries during the first two weeks of its participation in Expo 2020 Dubai.

Mohd Tarid said the Northern Corridor Economic Region (NCER), which consists of Kedah, Penang, Perak, and Perlis, is a strategic gateway to Southeast Asia for multinational corporations to expand their operations.

He said the NCER has experienced steady growth since its inception, as reflected in the investments by local and multinational companies that have brought along patented, state-of-the-art manufacturing technologies and products, resulting in knowledge and technology transfer.

"NCER offers a readily available, highly skilled and educated workforce, a vast and sophisticated logistics network to support key economic sectors, a thriving business culture and the presence of large multinational corporations with global networks and market reach to complete the business ecosystem," he added.

NCIA, led by its chief operating officer Hasri Hasan, is participating in the World Expo 2020 in Dubai, UAE, from Nov 21-27, to showcase trade and investment opportunities in the NCER.

Malaysia’s representation at Expo 2020 Dubai will come from 21 government ministries, 70 government agencies, and five state governments. About 300 companies will participate in the weekly trade and business programmes.

Themed “Connecting Minds, Creating the Future”, the expo runs from Oct 1, 2021, to March 31, 2022.

-- BERNAMA


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