UAE, Malaysia explore opportunities for collaboration in trade, investment

Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has participated in a UAE-Malaysia business roundtable in Abu Dhabi alongside Anwar Ibrahim, Malaysia’s prime minister, Tengku Zafar Tengku Abdul Aziz, Malaysia’s Minister of Investment, Trade and Industry, and leading government and business representatives from both countries. The roundtable was convened to explore opportunities for bilateral collaboration in trade, investment and industrial development.

During the roundtable, Al Zeyoudi heralded the deepening relationship between the UAE and Malaysia. He said: “The UAE greatly values our economic, social and cultural bonds with Malaysia, the strength of which is a reflection of the shared will of the nations’ respective leadership to foster constructive cooperation and unlock mutually beneficial opportunity. The frequent exchange of official visits and meetings between our business leaders, investors and entrepreneurs, which all seek to establish long-term partnerships in high-potential sectors, underline the desire for greater economic alignment.”

Anwar Ibrahim used the occasion to invite UAE companies to invest in Malaysia. He said: “Very pleased with the opportunity to engage with representatives of 21 major UAE companies and sovereign wealth funds including ADNOC, TAQA, MASDAR, Al-Dahra, LuLu, DP World, ADIA, and Mubadala. During the session, I shared Malaysia’s experience, policies and priorities in attracting investments from renowned global companies such as Tesla, Infineon, and Geely. I also shared the country’s focus areas as outlined in the new National Energy Transition Roadmap and the New Industrial Masterplan 2030.

“We sincerely hope for stronger relations between Malaysia and the UAE as we explore new areas of collaboration including in renewable energy, digital economy, food security, energy, health, and connectivity,” he added.

Malaysia ranks as the UAE’s 12th-largest global trade partner, while the UAE is Malaysia’s second-largest trade partner in the Arab world, accounting for 32 per cent of Malaysia’s trade with Arab nations, and 17th-most important globally. The UAE is also the principal destination for Malaysian merchandise exports to the Arab world, accounting for 40 per cent of Malaysia’s exports to the region. In 2022, bilateral non-oil trade reached US$4.8 billion compared to $3.5 billion achieved in 2020, with 36 per cent growth. During the roundtable, participants discussed project updates and explored joint venture opportunities in high-growth sectors like energy, clean energy, infrastructure, logistics, and food security, in addition to deliberating on investment prospects in other countries. Key advantages of each side were presented, including the market access granted by the UAE’s strategic location and worldclass logistics infrastructure, and Malaysia’s raw materials, strategic location and economic position in East Asia.

Last May, the UAE and Malaysia signed a joint declaration of intent to launch negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), and talks have now commenced between the two parties.

Last month, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held talks with Zafrul Aziz, Minister of Investment, Trade and Industry for Malaysia, in Abu Dhabi to pursue deeper trade and investment ties. The meeting was part of a visit to the UAE by a delegation of Malaysia’s leading trade officials.

During the discussions, Al Zeyoudi commended the strong relations between the two countries and reaffirmed the UAE’s commitment to enhance trade cooperation and develop opportunities for the business communities of both sides.

The two sides also reviewed the progress of the negotiations towards a UAE-Malaysia Comprehensive Economic Partnership Agreement, which was launched during a visit to Kuala Lumpur by His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, in May 2023.

This is the second meeting between the two trade ministers since CEPA negotiations began, the first of which took place in Jakarta at the ASEAN Business & Investment Summit earlier this month, reflecting the deepening relationship between the UAE and Malaysia and the wider ASEAN bloc.

Dr Al Zeyoudi said, “Malaysia is a valued partner for the UAE in an increasingly important region, one which shares our vision of leveraging global trade to accelerate growth and diversify the economy. The meeting with the Malaysian delegation provided an important opportunity to explore the sectors with maximum potential for our respective private sectors, and to build consensus on issues impacting global trade ahead of MC13 in Abu Dhabi in February next year.

“Malaysia’s support for open, rules-based trade, transparent dispute resolution mechanisms and a greater voice for the developing world in trade policy will help deliver a conference of lasting impact.”