MARKET DEVELOPMENT
Malaysia-UAE Trade Set To Surge This Year, Says Matrade
Malaysia-UAE Trade Set To Surge This Year, Says Matrade
28/02/2014 (Bernama) - Bilateral trade between Malaysia and the United Arab Emirates (UAE) is expected to surge this year, said Malaysian External Trade Development Corp (Matrade).
Chief Executive Officer, Datuk Dr Wong Lai, said the acceleration of the investment in properties, growing health sector and financial services would be the key engines that would boost export.
Malaysia-UAE trade in 2013 rose by 9.7 per cent to US$8.81 billion, from US$8 billion in 2012.
"UAE is ambitious in becoming a hub for healthcare and financial services.
"When we have such activities which are growing, definitely exports will grow," she told reporters on the sidelines of the Business Roundtable Meeting, which was held in conjunction with the visit of UAE Minister of Economy, Sultan Saeed Al Mansoori.
The roundtable meeting serves as a platform for business leaders and entrepreneurs from Malaysia and UAE to exchange views and gain insights into trade and investment opportunities.
Malaysia's major exports to UAE are gold, jewellery, electrical and electronics goods, palm oil, wood products, furniture and chemical products.
The major imports from UAE are crude petrolem, metal and refined petroleum products.
Meanwhile, Deputy Minister of International Trade and Industry, Datuk Hamim Samuri, said the bilateral trade between Malaysia and the UAE had reached a good level with the regular exchanges of high-level visits by government leaders.
The establishment of Malaysia-UAE joint Business Council would certainly boost cooperation between the two countries, he said.
Hamim said many Malaysian companies had been associated with some of major projects in UAE.
Among them were Eversendai Corp Bhd in the Burj Al Arab and Burj Khalifa projects, WCT Holdings Bhd in Yas Marina F1 Circuit and TAK in the development of Meydan Racecourse, he said.
"We hope to see such collaborations to continue in the future.
"I'm confident that our country can offer good opportunities for collaborations in various areas such as in property, oil and gas, construction and in tourism," he said.
He said as at October 2013, Malaysia approved a total of 25 investment projects with UAE participants in the manufacturing sector.
"These investments totalled US$23.1 billion," he said.
"Among Asean members, Malaysia is UAE's second largest export destination and third largest source of imports," he said.
Chief Executive Officer, Datuk Dr Wong Lai, said the acceleration of the investment in properties, growing health sector and financial services would be the key engines that would boost export.
Malaysia-UAE trade in 2013 rose by 9.7 per cent to US$8.81 billion, from US$8 billion in 2012.
"UAE is ambitious in becoming a hub for healthcare and financial services.
"When we have such activities which are growing, definitely exports will grow," she told reporters on the sidelines of the Business Roundtable Meeting, which was held in conjunction with the visit of UAE Minister of Economy, Sultan Saeed Al Mansoori.
The roundtable meeting serves as a platform for business leaders and entrepreneurs from Malaysia and UAE to exchange views and gain insights into trade and investment opportunities.
Malaysia's major exports to UAE are gold, jewellery, electrical and electronics goods, palm oil, wood products, furniture and chemical products.
The major imports from UAE are crude petrolem, metal and refined petroleum products.
Meanwhile, Deputy Minister of International Trade and Industry, Datuk Hamim Samuri, said the bilateral trade between Malaysia and the UAE had reached a good level with the regular exchanges of high-level visits by government leaders.
The establishment of Malaysia-UAE joint Business Council would certainly boost cooperation between the two countries, he said.
Hamim said many Malaysian companies had been associated with some of major projects in UAE.
Among them were Eversendai Corp Bhd in the Burj Al Arab and Burj Khalifa projects, WCT Holdings Bhd in Yas Marina F1 Circuit and TAK in the development of Meydan Racecourse, he said.
"We hope to see such collaborations to continue in the future.
"I'm confident that our country can offer good opportunities for collaborations in various areas such as in property, oil and gas, construction and in tourism," he said.
He said as at October 2013, Malaysia approved a total of 25 investment projects with UAE participants in the manufacturing sector.
"These investments totalled US$23.1 billion," he said.
"Among Asean members, Malaysia is UAE's second largest export destination and third largest source of imports," he said.