Malaysia-Kazakhstan trade likely to exceed RM210m

ASTANA: The bilateral trade between Malaysia and Kazakhstan is expected to increase further this year, exceeding US$50 million (RM210 million), spurred by stronger diplomatic relations.

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 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 relations to a better business and investment relations between Malaysia and Kazakhstan,” he said at the Malaysia Pavilion in the Astana Expo 2017 on Saturday.

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 that included palm oil and palmbased 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.

Last year, the total trade with Kazakhstan rose 36.1 per cent to reach US$49.22 million, with exports amounting to US$43.78 million and imports at US$5.44 million.

Malaysia’s largest exports to Kazakhstan are 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, mainly in the oil and gas sector, cement manufacturing and consultation services in education and training.

In 2015, the bilateral trade totalled US$38.81 million, with exports totalling US$36.06 million and imports 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. Bernama