BRICS A New Frontier For Malaysian Businesses - PM Anwar

From Arul Rajoo Durar Raj

RIO DE JANEIRO, July 5 (Bernama) -- Malaysian companies must be willing to explore new markets and trading opportunities overseas.

In making the call, Prime Minister Datuk Seri Anwar Ibrahim said they must not solely rely on traditional markets, but instead venture into new ones.

Anwar said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.

Anwar, who is here at the invitation of President Luiz Inácio Lula da Silva to attend the 17th BRICS Leaders' Summit, said Lula was surprised to see Malaysian companies doing business in the country.

"I mentioned Yinson and Petronas to him, and their role in Brazil. He was surprised and asked for more details," he said at a dinner hosted by Yinson Production here.

Also present were Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz and Yinson Holdings Bhd executive chairman Lim Han Weng.

Yinson, an independent owner and operator of floating, production, storage and offloading (FPSO) vessels, has three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria and  FPSO Atlanta.

Petronas has ventured into oil production in Brazil and last year opened its petrol station as well.

Anwar, who is also the Finance Minister, said that although Malaysia’s biggest market and source of investment is the United States and China,  there are opportunities beyond them.

Anwar said he has asked Zafrul to facilitate and offer assistance to Malaysian companies doing business in Brazil.

Brazil has not only shown its strength as a voice of the third world, but has also become an important economic power, he said.

In his meeting with Lula da Silva this morning, Anwar said they discussed various issues of importance between the two countries.

Anwar said Lula has accepted his invitation to visit Malaysia during the ASEAN Summit in October.

"He wants to bring key ministers and business groups to Malaysia. There will be a special conference with both of us jointly addressing the event," he said.

Malaysia participated in the BRICS Leaders' Summit as a partner country and as ASEAN chair 2025. It officially became a BRICS partner country on Jan 1, 2025.

Bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in 2023. Brazil is one of Malaysia’s main trading partners in Latin America.

-- BERNAMA