UAE, Malaysia seek deeper trade, investment ties, as trade hits $4.7 billion in 2023

Anwar Ibrahim, Prime Minister of Malaysia, received Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, on a visit to the country designed to deepen trade and investment ties between the United Arab Emirates and Malaysia.

Dr. Al Zeyoudi also held talks with Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry, in which they discussed collaboration in high-growth sectors such as technology, manufacturing, and services, and reviewed the progress of negotiations towards a Comprehensive Economic Partnership Agreement. The visit reflects the strengthening ties between the UAE and Malaysia. In 2023, the two counties shared non-oil trade worth US$4.7 billion dollars, maintaining the record-setting levels achieved in 2022.

Al Zeyoudi stated, “Malaysia is a highly valued and long-standing trade and investment partner for the UAE, and this visit underlines the importance of face-to-face meetings as we seek to elevate our relationship. Our nations both recognise the developmental importance of open, rules-based trade and are committed to ensuring our private sectors are able to maximise the opportunities available in each other’s economies. We see considerable potential for greater trade and investment flows, particularly in high-growth sectors such as energy, logistics, manufacturing and financial services, and believe we can collaborate to further develop the Halal economy. We look forward to making progress on our CEPA negotiations and securing long-term, sustainable prosperity for both our nations.”

Echoing these sentiments, Zafrul Aziz stated, “The UAE is an important partner for Malaysia in the Middle East with whom we share a mutual commitment to enhancing trade and investment through open and fair-trade practices. This meeting is a testament to our joint efforts to build a more robust economic relationship that will benefit both our countries and regions.”

Al Zeyoudi, who was accompanied by a UAE delegation that included senior officials and representatives from the private sector, then attended a business roundtable, in which he underlined the potential for collaboration, particularly in the field of energy, the automotive sector and the Halal economy. This was followed by a networking meeting between business leaders from both countries, which sought to exchange experiences and discuss potential opportunities.

The UAE has been strengthening its ties with the ASEAN bloc in recent years. They have now signed Comprehensive Economic Partnership Agreements with Indonesia (July, 2022) and Cambodia (June, 2023), both of which are now in operation and helping to accelerate bilateral trade.