Dubai Business News — Malaysia is looking to expand trade and business links with the UAE in the fields of education, electronics and energy, Sato Jabar, Malaysia's ambassador to the UAE, told Gulf News.Jabar also sought to highlight Malaysia's attractiveness as a tourist destination to GCC nationals, and said the country is keen to increase visitor numbers from the Gulf.
"The UAE has managed to be at the forefront of Middle East growth and development because of its continuous efforts to maintain strong business and trade relations with key emerging economies," Jabar said.
A report by the Malaysian Ministry of Tourism said 250,000 visitors from the Middle East go to Malaysia every year.
Gearing up to be the investment destination for South East Asia, Malaysia has started to offer a wide spectrum of investment opportunities, Jabar said.
"The technologically-inclined economy of Malaysia is proven through the country's involvement in advanced electronics manufacturing, R&D, biotechnology, photonics, logistics, design, innovation and a highly-automated manufacturing sector," he said.
Dedicated trade centre
He added that Malaysia has actively participated in many of the internationally renowned exhibitions staged by the UAE as well as organising its own country exhibitions to promote its products and services in the region. The UAE is also the first country in the Middle East where Malaysia has established a trade centre.
Meanwhile, sources at the Malaysian embassy said that trade between the UAE and Malaysia amounted to $6.41 billion (Dh23.56 billion) in 2010 and is expected to increase this year following the signing of a framework agreement on economic, commercial, investment and technical cooperation between Malaysia and the Gulf Cooperation Council (GCC) in Abu Dhabi last January.
"The agreement is seen as a precursor to a free trade agreement between Malaysia and the GCC nations of Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and the UAE," an embassy source said. Trade between the GCC and Malaysia reached $11 billion, according to a recent report from the Malaysia External Trade Development Corporation.
Cost-competitive
The report showed that the UAE in particular accounted for around $6.418 billion.
This affirms Malaysia's rising profile as a cost-competitive location for investors intending to set up offshore operations for the manufacture of advanced technological products for regional and international markets.
The source said that under the agreement, the two trading partners would work together to boost investment and trade through removal or reduction of customs and non-customs barriers, encouragement of contact between business sectors and establishment of economic, trade and investment partnerships, exchange of trade missions and organisation of trade and investment fairs. Recent market reports have shown healthy growth in trade between the UAE and Malaysia.
In 2010, exports from Malaysia to the UAE hit $3.95 billion while Malaysia's imports from the UAE reached $2.46 billion. Malaysia's chief exports to the UAE include electrical and electronic products, machinery, appliances and parts, jewellery, and palm oil. In return, Malaysia imports petroleum and chemical products from the UAE.
Reports from GulfNews.com.
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