BILATERAL TRADE CONTINUES TO GROW
Malaysian businesses urged to tap opportunities in Kazakhstan, such as infrastructure and education
MALAYSIA looks forward to increasing trade with Kazakhstan, its second-largest trading partner in the Commonwealth of Independent States (CIS). Newly-appointed Malaysian ambassador to Kazakhstan, Syed Mohamad Bakri Syed Abd Rahman, said bilateral trade volume last year was US$45 million (RM192 million), up from about US$30 million in 2015.
“While I am here, I hope that the trade volume and investments by Malaysian companies in Kazakhstan will increase, especially with the upcoming Astana Expo 2017,” Syed Mohamad Bakri told NST Business, here, last week.
Malaysia and Kazakhstan have shared strong bilateral ties since 1992. The Central Asian country gained independence from then Soviet
Union in December 1991.
The embassy works with the Malaysia External Trade Development Corporation (Matrade) to facilitate trade between Malaysia and Kazakhstan, and with Tourism Malaysia to promote Malaysia as the preferred holiday destination.
Matrade and Tourism Malaysia share the same office in Almaty, while the Malaysian Embassy is located here.
Syed Mohamad Bakri said opportunities were aplenty in Kazakhstan for Malaysian companies and investors, particularly in the infrastructure sector as well as oil and gas, education, Islamic banking, halal and aerospace industries.
He believes there is a huge opportunity for Malaysian companies to develop a long-distance transport network in Kazakhstan.
“The road linking cities in Kazakhstan is not that well-developed. I suppose there should be a good road or highway, at least between two big cities in Kazakhstan, for example, from Astana to Almaty,” said Syed Mohamad Bakri.
He also said Malaysia could form joint ventures with Kazakh companies to make products for export to Eurasian Economic Union (EEU) countries at a very low tariff.
The EEU binds together countries in Central Asia and Russia, with a combined population of 183 million and gross domestic product of more than US$4 trillion. Syed Mohamad Bakri said the challenge in doing business in Kazakhstan was the language barrier as the country’s official language was Russian.
“My advice to them (businessmen) is try to learn a bit of Russian before coming here. That will be helpful. If it’s difficult to learn the language, then make sure they bring along translators.” On the Astana Expo 2017, Syed Mohamad Bakri said more than 60 Malaysian companies would showcase their latest products and technologies in renewable energy, green technology as well as education and tourism.
Themed “Future Energy”, the expo starts on Saturday and ends on September 10. During the three-month event, Malaysia will organise a Hari Raya celebration at Rumah Malaysia and National Day at Ritz Carlton Hotel, here.
“The National Day event will also commemorate the 25th anniversary of diplomatic relations between Malaysia and Kazakhstan,” he added.
He is optimistic about Kazakhstan as it continues to develop as one of the strongest economies in Central Asia.