UAE And Malaysia Strengthen Trade And Investment Ties As 2023 Trade Reaches $4.7 Billion

Anwar Ibrahim, Prime Minister of Malaysia, welcomed Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, during a visit aimed at enhancing trade and investment ties between the United Arab Emirates (UAE) and Malaysia. Dr. Al Zeyoudi also engaged in discussions with Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry, focusing on collaboration in high-growth sectors such as technology, manufacturing, and services.

The talks reviewed the progress of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA). This visit underscores the strengthening relationship between the UAE and Malaysia. In 2023, the two countries recorded non-oil trade worth US$4.7 billion, maintaining the high levels achieved in 2022.

Dr. Al Zeyoudi remarked, "Malaysia is a highly valued and long-standing trade and investment partner for the UAE. This visit highlights the importance of face-to-face meetings as we seek to elevate our relationship. Both nations recognise the developmental importance of open, rules-based trade and are committed to ensuring our private sectors can maximise opportunities in each other’s economies."

He added that there is considerable potential for greater trade and investment flows, particularly in sectors such as energy, logistics, manufacturing, and financial services. He also mentioned the potential for collaboration to further develop the Halal economy. "We look forward to making progress on our CEPA negotiations and securing long-term, sustainable prosperity for both our nations," he stated.

Zafrul Aziz echoed these sentiments, stating, "The UAE is an important partner for Malaysia in the Middle East with whom we share a mutual commitment to enhancing trade and investment through open and fair-trade practices. This meeting is a testament to our joint efforts to build a more robust economic relationship that will benefit both our countries and regions."

Dr. Al Zeyoudi was accompanied by a UAE delegation that included senior officials and representatives from the private sector. He attended a business roundtable where he emphasised the potential for collaboration in energy, the automotive sector, and the Halal economy.

Business Roundtable and Networking

This was followed by a networking meeting between business leaders from both countries aimed at exchanging experiences and discussing potential opportunities. The UAE has been strengthening its ties with the ASEAN bloc in recent years.

The UAE has signed Comprehensive Economic Partnership Agreements with Indonesia (July 2022) and Cambodia (June 2023), both of which are now operational and contributing to accelerated bilateral trade.

With inputs from WAM