Novosibirsk Entrepreneurs Studied the Economic Potential of Malaysia

On November 17, a video conference “An Hour with the Trade Representative” was held, dedicated to the development of trade and economic cooperation between the Novosibirsk Region and Malaysia.

The conference was organized by the Investment Promotion Agency of the Novosibirsk Oblast and the Novosibirsk Chamber of Commerce and Industry.

It was attended by Nikita Ponomarenko, Trade Representative of the Russian Federation in Malaysia, Vyacheslav Rodionov, Deputy General Director of the NSO IDA, Vasily Plotnikov, Advisor to the General Director for International Affairs of the NSO IDA, and more than 15 Novosibirsk companies participating in foreign economic activity.

Vyacheslav Rodionov addressed the participants with a welcoming speech, and noted that the conference will contribute to the development and strengthening of economic relations with Malaysia, and is very useful for representatives of Novosibirsk companies in all sectors of the economy.

Nikita Ponomarenko welcomed the participants of the conference and spoke about the economic potential of Malaysia. Malaysia is the third largest economy in Southeast Asia with a GDP of US$312 billion. Trade turnover with Russia in 2021 amounted to $3.25 billion. Exports from Russia amounted to 1.46 billion US dollars. Machinery and equipment make up the bulk of the export share.

Russian exports to Malaysia include machinery and equipment, products from the agro-industrial complex, chemical industry, electronics and components, petroleum products, non-ferrous metals, steel and coal.

In Malaysia, a free trade zone is maintained at the state level, on which 14 agreements have been concluded.

The Trade Representative of the Russian Federation in Malaysia noted 15 most promising areas for development in the Malaysian market, among which are finance, digital economy, Industry 4.0, media and data generation, a hub in ASEAN, food products and, above all, the Halal category, commodities, logistics and transport, maritime economy, renewable energy, green economy, services and tourism.

Various development institutions operate on the territory of Malaysia, road maps are being implemented for international cooperation projects, technology parks, and there are free economic zones.

During the online meeting, the Russian trade representative in Malaysia answered the questions of the entrepreneurs of the Novosibirsk region, noting that the advantage of Russian business entering the Malaysian market would be in the following capacity: the organization of joint Russian-Malaysian production, the development of a logistics hub. In addition, there are many associations and clusters in the country where every Russian company can join and find support.

Summing up the meeting, Nikita Ponomarenko expressed his readiness to assist the enterprises of the Novosibirsk region in promoting their products on the Malaysian market, to assist in participation in exhibitions and business missions.

Press Center of the Novosibirsk Chamber