DATUK WAN LATIFF WAN MUSA,
“We have to relook our trade relationship with Ukraine as our bilateral trade figures are still low.” Malaysia External Trade Development Corporation deputy chief executive officer
KUALA LUMPUR: Malaysia and Ukraine plan to ramp up promotion activities in an effort to boost bilateral trade between both nations, said Malaysia External Trade Development Corp (Matrade) deputy chief executive officer Datuk Wan Latiff Wan Musa.
He said Matrade would capitalise on the improving political situation in Ukraine, one of the largest countries in Eastern Europe with an estimated population of 42.41 million.
“We have to relook our trade relationship with Ukraine as our bilateral trade figures are still low, especially given that Malaysian companies are not familiar with Ukrainian companies, and vice versa.
“Going forward, we have to better engage with them. We also want to encourage Malaysian companies to go there,” he said in an interview.
Matrade and the Ukraine Embassy in Malaysia recently organised the Ukraine-Malaysia Business Forum, which saw the participation of 19 Ukrainian companies.
A business meeting session with Malaysian companies was also held in conjunction with the one-day forum.
Wan Latiff said Matrade planned to organise a trade mission, made up of Malaysian companies and government agencies, to Ukraine soon, with the aim of creating awareness among Ukrainian companies on business opportunities in Malaysia, and vice versa.
Ukraine is one of Malaysia’s major trading partners among Central and Eastern European countries.
The diplomatic relations between both countries started in 1992, with a trade agreement signed in August 2002.
In 2016, Malaysia’s total trade with Ukraine declined to RM715.2 million from RM1.01 billion in 2015 and RM1.19 billion in 2014.
Between January and November last year, Malaysia’s total trade with Ukraine improved slightly to RM844 million compared with RM655.2 million in the same month in 2016, with exports rising 26.1 per cent to RM432.3 million and imports growing 31.8 per cent to RM411.7 million.
Major export items to Ukraine include palm oil and palm-based products, which account for 28.5 per cent of the total share of trade, electrical and electronic (E&E) products (21.6 per cent) and processed foods (14.4 per cent).
As for imports, major items include vegetable oils, iron and steel products, processed food, E&E products, as well as chemicals and chemical products.