MALAYSIA-BOSNIA AND HERZEGOVINA BILATERAL TRADE UP 32.2 PCT IN 2023 - MATRADE

KUALA LUMPUR, March 5 (Bernama) -- Malaysia’s bilateral trade with Bosnia and Herzegovina reached RM18 million in 2023, marking a substantial year-on-year growth of 32.2 per cent, according to the Malaysia External Trade Development Corporation (MATRADE).

Its chairman, Datuk Reezal Merican Naina Merican said that during the same period, Malaysia’s exports to Bosnia and Herzegovina grew 3.2 per cent to RM3.20 million, while imports from the Southeastern European country increased 40.8 per cent to RM14.83 million.

“Malaysia's total trade with Bosnia and Herzegovina surged by 15 folds over the last 10 years, with exports alone witnessing a threefold increase,” he said in his keynote address at the Malaysia-Bosnia and Herzegovina International Business Forum 2024, here today.

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Reezal also said that in 2023, Malaysia’s trade with the European Union (EU) amounted to RM206.69 billion, with export and import values recording RM112.88 billion and RM93.81 billion, respectively.

“This reveals that bilateral trade with Bosnia and Herzegovina is only a fraction of Malaysia’s trade with the EU, indicating untapped opportunities for trade growth,” he said.

Reezal highlighted several Malaysian products and services poised to thrive in the Bosnia and Herzegovina market, such as construction services and building materials, furniture, medical devices and equipment, halal fast-moving consumer goods (FMCG) which include pharmaceuticals and cosmetics, as well as solar and clean energy.

The services front includes information and communication technology (ICT), multimedia, and creative content; education services; and tourism including Islamic tourism, he said, adding that more than 50 per cent of Bosnia and Herzegovina’s population are Muslims.

In the case of cross-border investment, Reezal said Malaysian investments in Bosnia and Herzegovina had exceeded RM160 million in value and are concentrated in diverse sectors, including property development, motels, restaurants, and abattoirs.

“The presence of Malaysian investment in Bosnia and Herzegovina can also be leveraged to position Malaysian products and services in the local and regional marketplace,” he said.

The Malaysia-Bosnia and Herzegovina International Business Forum 2024 was organised by the Malaysia-Bosnia and Herzegovina Business Council (MBBC).

During the event, MBBC also unveiled its new logo that embodies the essence of friendship, solidarity, and connectivity between the two nations.

-- BERNAMA