Stronger
trade ties with UAE
TRADE and investment between Malaysia and the
United Arab Emirates (UAE) have strengthened over the years, with Malaysian
companies establishing a strong presence in the Gulf states, said Deputy Prime
Minister Tan Sri Muhyiddin Yassin.
Muhyididn said trade between Malaysia and the UAE has been on the uptrend, from US$6.1 billion (RM18.67 billion) in 2010 to US$6.8 billion (RM20.81 billion) last year, representing an increase of 6.4 per cent.
"Last year, the UAE was Malaysia's largest trading partner and export destination, and the second largest source of imports within the Gulf Cooperation Council," he said during the roundtable meeting with UAE industry leaders here on Monday.
Also present were Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir, Abu Dhabi Chamber of Commerce and Industry first vice-chairman Khalfan Saeed Al Kaabi and captains of industry from both countries.
Muhyididn said trade between Malaysia and the UAE has been on the uptrend, from US$6.1 billion (RM18.67 billion) in 2010 to US$6.8 billion (RM20.81 billion) last year, representing an increase of 6.4 per cent.
"Last year, the UAE was Malaysia's largest trading partner and export destination, and the second largest source of imports within the Gulf Cooperation Council," he said during the roundtable meeting with UAE industry leaders here on Monday.
Also present were Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir, Abu Dhabi Chamber of Commerce and Industry first vice-chairman Khalfan Saeed Al Kaabi and captains of industry from both countries.
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Muhyiddin is on a three-day working visit at the invitation of the
UAE government here starting Monday. It is his first visit here since assuming
the deputy prime minister's post in 2009.
He said the UAE's investments into Malaysia are mainly in financial and insurance, constructions and manufacturing sectors.
Muhyiddin added that the UAE continues to be the preferred location for Malaysian companies in Middle East due to its conducive business environment.
"Malaysian companies have undertaken projects in construction of roads, ports, airports, highways, bridges, residential and commercial buildings and power generation in the region."
Earlier, he witnessed the signing of memorandums of understanding (MoU) between two Malaysian companies and their local partners.
The first agreement was between Gading Kencana Sdn Bhd and Liwa Emirates Solar Energy Est in energy conservation and renewable energy system and products.
The second MoU was signed between MBM Dagang Sdn Bhd and Liwa Chemicals for Petroleum and Industry Supply Est on protective industrial and safety clothing for the UAE oil and gas industry.
He said the UAE's investments into Malaysia are mainly in financial and insurance, constructions and manufacturing sectors.
Muhyiddin added that the UAE continues to be the preferred location for Malaysian companies in Middle East due to its conducive business environment.
"Malaysian companies have undertaken projects in construction of roads, ports, airports, highways, bridges, residential and commercial buildings and power generation in the region."
Earlier, he witnessed the signing of memorandums of understanding (MoU) between two Malaysian companies and their local partners.
The first agreement was between Gading Kencana Sdn Bhd and Liwa Emirates Solar Energy Est in energy conservation and renewable energy system and products.
The second MoU was signed between MBM Dagang Sdn Bhd and Liwa Chemicals for Petroleum and Industry Supply Est on protective industrial and safety clothing for the UAE oil and gas industry.
Source : New Straits Times
Date : 9 May 2012
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