A significant increase in trade between Russia and Malaysia, starting in 2020, was noted by Alexander Kopkov, Director of the Department of Foreign Relations of the Chamber of Commerce and Industry of the Russian Federation. He was opening the presentation “an hour with the trade representative” of this country on Friday, February 10.
The Malaysian market is one of the fastest growing in the Asia-Pacific region. The main partners of the country are China, Singapore, USA, Japan, Taiwan. Russia still occupies a modest place in this row - it imports engineering products, equipment and spare parts, and exports petrochemical products.
According to the participants of the webinar, this only emphasizes the huge potential for the development of economic relations, which has every chance of being realized in the new conditions.
According to Malaysian statistics, in 2020 the total volume of trade between Russia and Malaysia was $1.50 billion, in 2021 - $2.12 billion, in 2022 - $2.87 billion. Malaysia is ranked 12th in the list of countries where it is easiest to do business and has been steadily moving up this indicator in recent years. Malaysia is one of the world's top ten exporters of electrical and electronic engineering products.
Malaysian Chargé d'Affaires in Russia Johan Arif said that the country's GDP growth forecast is 4 percent. In 2022, Malaysia's total foreign trade was $646 billion, up 20% from 2021.
Trade Advisor of the Malaysian Embassy in Russia, Khayfil Elmi Jamil, made a special presentation to Russian businessmen and spoke about the most promising areas for increasing imports from his country, primarily electronics, food products, as well as optical and scientific instruments and equipment, automotive parts and products halal industry. The trade representative of Malaysia named building materials, medical equipment, textiles as other possible goods.
Representatives of 45 regions of Russia were connected to the presentation, which was held online.
Russia imports 40 categories of products from Malaysia, 91 percent of which are manufactured goods.
The trade representative invited Russian importers to take an active part in business events for cooperation with Malaysia, including using online opportunities. In particular, since the beginning of the year, 10 virtual meetings have been held at the site of the trade mission, which presented the opportunities of Malaysia for Russian entrepreneurs. According to him, now is the most opportune moment for such meetings.
In particular, the Malaysian trade representative invited representatives of Russian business to participate in the International Halal Products Exhibition (MIHAS), which will be held in Kuala Lumpur on September 12-15, 2023.
Director of the Business Council for Cooperation with Malaysia Yuri Alyoshin and Executive Director of the Russia-ASEAN Business Council Daniyar Akkaziev also took part in the meeting and made comments and answered questions.
Press Service of the Chamber