MARKET DEVELOPMENT
Malaysia-Kazakhstan Bilateral Trade Likely To Rise This Year
Malaysia-Kazakhstan Bilateral Trade Likely To Rise This Year
11/09/2017 (Bernama) - The bilateral trade between Malaysia and Kazakhstan is expected to increase further this year, exceeding the US$50 million (US$1=RM4.19) level, spurred by stronger diplomatic relations between both nations.
Malaysian Ambassador to Kazakhstan, Syed Mohamad Bakri Syed Abd Rahman, said for the first five months of this year, trade with Kazakhstan amounted to US$28.2 million compared with US$49.22 million achieved for the whole of last year.
"Diplomatic relations between Malaysia and Kazakhstan are strong and the relations between the top leaders of the two countries are also cordial.
"We want to translate this close relation to a better business and investment relation between Malaysia and Kazakhstan," he told Malaysian reporters here.
He was met at the Malaysia Pavilion at the three-month international specialised exhibition, Astana EXPO 2017, which will officially end tomorrow.
Kazakhstan is Malaysia's fourth largest trading partner among the Commonwealth of Independent States countries.
Syed Mohamad Bakri said the trend of trade with Kazakhstan this year would be similar to the previous year, which was in favour of Malaysia, with products for export included palm oil and palm-based agricultural products, processed food, optical and scientific equipment, as well as iron and steel products.
For import, he said it would likely include machinery, equipment and parts, metal products, as well as, electrical and electronic products.
In 2016, total trade with Kazakhstan rose 36.1 per cent to reach RM203.58 million (US$49.22 million), with export amounting to US$43.78 million and import at US$5.44 million.
Malaysia's largest export item to Kazakhstan is coffee-based preparations and other agriculture produce while the two biggest imports from Kazakhstan are zinc and television components.
Malaysian companies have established a presence in Kazakhstan in sectors such as oil and gas, cement manufacturing and consultation services in education and training.
In 2015, the bilateral trade totalled US$38.81 million, with export totalling US$36.06 million and import at US$2.75 million.
Syed Mohamad Bakri said the Astana EXPO 2017 had served as a great platform for companies in Kazakhstan to learn about Malaysia's expertise that this would help boost Malaysia-Kazakhstan trade in the future.
"Malaysia has expertise in green technology, higher education, Islamic banking, tourism, oil and gas, as well as other industries, that can be shared with the trade and investment community in Kazakhstan.
"I see there's a huge potential in trade and investment," he added.
Malaysian Ambassador to Kazakhstan, Syed Mohamad Bakri Syed Abd Rahman, said for the first five months of this year, trade with Kazakhstan amounted to US$28.2 million compared with US$49.22 million achieved for the whole of last year.
"Diplomatic relations between Malaysia and Kazakhstan are strong and the relations between the top leaders of the two countries are also cordial.
"We want to translate this close relation to a better business and investment relation between Malaysia and Kazakhstan," he told Malaysian reporters here.
He was met at the Malaysia Pavilion at the three-month international specialised exhibition, Astana EXPO 2017, which will officially end tomorrow.
Kazakhstan is Malaysia's fourth largest trading partner among the Commonwealth of Independent States countries.
Syed Mohamad Bakri said the trend of trade with Kazakhstan this year would be similar to the previous year, which was in favour of Malaysia, with products for export included palm oil and palm-based agricultural products, processed food, optical and scientific equipment, as well as iron and steel products.
For import, he said it would likely include machinery, equipment and parts, metal products, as well as, electrical and electronic products.
In 2016, total trade with Kazakhstan rose 36.1 per cent to reach RM203.58 million (US$49.22 million), with export amounting to US$43.78 million and import at US$5.44 million.
Malaysia's largest export item to Kazakhstan is coffee-based preparations and other agriculture produce while the two biggest imports from Kazakhstan are zinc and television components.
Malaysian companies have established a presence in Kazakhstan in sectors such as oil and gas, cement manufacturing and consultation services in education and training.
In 2015, the bilateral trade totalled US$38.81 million, with export totalling US$36.06 million and import at US$2.75 million.
Syed Mohamad Bakri said the Astana EXPO 2017 had served as a great platform for companies in Kazakhstan to learn about Malaysia's expertise that this would help boost Malaysia-Kazakhstan trade in the future.
"Malaysia has expertise in green technology, higher education, Islamic banking, tourism, oil and gas, as well as other industries, that can be shared with the trade and investment community in Kazakhstan.
"I see there's a huge potential in trade and investment," he added.