World Economy

UAE Seeking Closer Ties With Southeast Asia

UAE Seeking Closer Ties With Southeast AsiaUAE Seeking Closer Ties With Southeast Asia

Improvement in global economic indicators and oil prices open up promising opportunities for partnerships between Malaysia and the UAE, the country’s economy minister, Sultan bin Saeed Al Mansouri, said on Tuesday while  emphasizing that the UAE is intensifying its efforts to promote its relations with the Southeast Asian countries.

Speaking at the UAE-Malaysia Business & Investment Forum held in Kuala Lumpur, Al Mansouri said the business and investment relationship between the UAE and Malaysia is established on a strong base given similar trends and drivers of economic growth in both countries, Gulf News reported.

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 are driving the economic growth, he added.

The UAE is currently Malaysia’s largest trading partner among the Gulf Cooperation Council (GCC) countries, where the volume of trade exchange between the two countries stood at $4.2 billion in 2016. Malaysia’s direct investments in the UAE by the end of 2015 amounted to $435 million, while the value of the UAE’s investments in Malaysia for the same period amounted to around $2.37 billion.

Representatives from 300 government entities from Malaysia and Southeast Asia and 60 UAE entities and institutions are participating in the forum.

One of the focal points that would be discussed during the event would be the promotion of halal trade between the two countries as well as opportunities to enhance cooperation in innovation, R&D, clean and renewable energy, real estate development, franchising, technology transfer and infrastructure.

The UAE will also explore opportunities on how to increase the visibility of its products in the Malaysian market, which is a gateway to other markets in Southeast Asia.


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