UAE to strengthen ties with south-east Asian countries
GCC state, Malaysia look to improving global outlook, oil bullishness to foster partnerships
Improvements in global economic indicators and oil prices open up promising opportunities for partnerships between Malaysia and the UAE, Economy Minister Sultan Bin Saeed Al Mansouri said yesterday.
Al Mansouri also emphasised that the UAE is intensifying efforts to promote its relations with south-east Asian countries.
Speaking at the UAE-Malaysia Business and Investment Forum held in the Malaysian capital 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.
Manufacturing, new technologies, service and international trade sectors, innovation, research and development, as well as open trade policies and strong small and medium enterprises (SMEs) sectors in both countries are driving economic growth, he added.
Largest trading partner
The UAE is currently Malaysia’s largest trading partner among the Gulf Cooperation Council (GCC) countries, with the volume of trade between the two countries weighing in at Dh15.4 billion in 2016.
Malaysia’s direct investments in the UAE by the end of 2015 amounted to Dh1.6 billion, while the value of UAE investments in Malaysia for the same period amounted to around Dh8.7 billion.
Representatives of 300 government entities from Malaysia and south-east Asia, as well as 60 UAE entities and institutions are participating in the forum.