In a bid to deepen trade ties and boost investments, Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, recently visited Malaysia where he held discussions with both Anwar Ibrahim, Prime Minister of Malaysia, and Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry.
In a meeting with Aziz, Al Zeyoudi discussed collaboration in high-growth sectors such as technology, manufacturing and services. Moreover, the two ministers reviewed the progress of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Malaysia. In 2023, the UAE and Malaysia’s non-oil trade maintained its record high of 2022 at $4.7 billion dollars.
Propelling high-growth sectors
During the meeting, Al Zeyoudi highlighted the importance of Malaysia as a long-standing trade and investment partner for the UAE. He emphasized the aims of both countries to develop an open, rules-based trade that ensures that the private sectors are able to expand and maximize the opportunities available in both economies.
“We see considerable potential for greater trade and investment flows, particularly in high-growth sectors such as energy, logistics, manufacturing and financial services,” stated Al Zeyoudi. In addition, Al Zeyoudi reiterated the UAE’s hopes of making progress on CEPA negotiations and securing long-term, sustainable prosperity for both economies.
For his part, Zafrul Aziz stated: “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.”
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Exploring potential opportunities
Al Zeyoudi and a UAE delegation that included senior officials and representatives from the private sector also attended a business roundtable with stakeholders from Malaysia, where they discussed opportunities and the potential for collaboration in the field of energy, the automotive sector, and the Halal economy.
In an effort to strengthen ties with the ASEAN bloc, the UAE has inked a CEPA agreement with Indonesia in July 2022 and Cambodia in June 2023, both of which are now operational and contributing to the acceleration of bilateral trade in the region.
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