Representatives from 300 government entities from Malaysia and Southeast Asia and 60 UAE entities and institutions discussed cooperation and trade opportunities at the recent UAE-Malaysia Business & Investment Forum held in Kuala Lumpur, Malaysia.

Eng Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the business and investment 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 in both countries, said a statement.

Al Mansoori noted that 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, it said.

The Minister of Economy delivered his speech at the inauguration ceremony of the recent forum.

The event witnessed the presence of Datuk Seri Mustapa Mohamed, Malaysian Minister of International Trade and Industry (MITI), Khalid Ghanem Al Ghaith, UAE Ambassador to Malaysia, and Abdullah Al Saleh, undersecretary of the Ministry of Economy for Foreign Trade Affairs.

Participants also included representatives from several agencies, companies, business and investment entities from the UAE, Malaysia and Southeast Asia nations where the registered participating entities reached more than 300. The forum is a major initiative by the UAE Ministry of Economy in cooperation with the Malaysian MITI, it added.

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’. The official also underscored the positive outlook on joint opportunities in the tourism sector between the two countries.

Al Mansoori further emphasised that the forum will also look into opportunities to enhance cooperation in innovation, R&D, clean and renewable energy, real estate development, franchising, technology transfer and infrastructure, as well as explore opportunities on how to increase the visibility of UAE national products in the Malaysian market, which is gateway to other markets in Southeast Asia. He also mentioned that SMEs in the UAE and Malaysian economies are considered among the key drivers of economic growth for both countries.

The Minister of Economy 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 ($4.19 billion) in 2016. Malaysia’s direct investments in the UAE by the end of 2015 has amounted to Dh1.6 billion ($435.6 million), while the value of the UAE's investments in Malaysia for the same period amounted to about Dh8.7 billion ($2.36 billion).

Al Mansoori added that outlook on global growth and the improvement in oil prices are expected to improve the trade and investment relations and economic cooperation between the two countries.

Al Mansoori also discussed the importance of Malaysia’s participation in Dubai Expo 2020, which represents major opportunities for various companies from all over the world.

He added that over the last few decades, the UAE and Malaysia have developed links and channels reflecting their strong partnership--especially across political, economic, social and cultural aspects. 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.

Mustapa Mohamed 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. – TradeArabia News Service