UAE, Malaysia forge stronger ties

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, - Supplied photo

The UAE is intensifying its efforts to promote its relations with Southeast Asian countries, which are among the fastest growing economies in the world with growth rates exceeding six per cent for some economies.
This includes Malaysia, which already enjoys decades of strong links with the UAE, officials at the UAE-Malaysia Business & Investment Forum in Kuala Lumpur said. Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, noted that the relationship between the UAE and Malaysia is established on a strong base, given the similar trends and drivers of economic growth in both countries, including manufacturing, new technologies, service and international trade sectors, innovation, research and development, as well as open trade policies and a strong small and medium enterprises (SMEs) sector.
Speaking at the inauguration ceremony of the event, Al Mansouri added that the two countries have emerged as leading models for an Islamic economy, which welcomes the creativity and contributions of different cultures from around the world.
He clarified that the UAE is currently Malaysia's largest trading partner among the GCC countries, where the volume of trade exchange between the two countries stood at Dh15.4 billion in 2016. Malaysia's direct investments in the UAE by the end of 2015 have amounted to Dh1.6 billion, while the value of the UAE's investments in Malaysia for the same period amounted to about Dh8.7 billion. Al Mansouri also discussed the importance of Malaysia's participation in Dubai Expo 2020, which represents major opportunities for various companies from all over the world.
The forum is a major initiative by the UAE Ministry of Economy in cooperation with the Malaysian Ministry of International Trade and Industry. Al Mansoori noted during his speech that the forum will discuss several topics through seminars and round tables particularly in strategic sectors that are of mutual interest from both parties and will also include a signing of cooperation agreements. One of the key focal points of the event would be the promotion of halal trade between the UAE and Malaysia, which intends to expand capabilities and expertise in this sector following Malaysia's recognition of the 'UAE Halal Control System Global Practices.'
For his part, Datuk Seri Mustapa Mohamed, the Malaysian Minister of International Trade and Industry, emphasised on the importance of the relations between the UAE and Malaysia in terms of economic partnership and the strengthening of strategies for setting up joint projects across the sectors discussed at the conference, which stresses on the significance of seeking to pave the way for investors and business entities from both countries. The Malaysian Minister of Economy also affirmed Malaysia's support for the UAE's hosting of Expo 2020, sharing that many Malaysian companies will be present at the international event, reflecting their strong appreciation for the UAE. - business@khaleejtimes.com