The UAE and Malaysia discuss ways to develop the economic – economic partnership – the UAE economy

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His Excellency Abdullah bin Touq Al Marri, Minister of Economy, discussed with Muhammad Azmin Ali, First Minister of Economy and Minister of International Trade and Industry of Malaysia, in the presence of His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, ways to develop economic relations between the United Arab Emirates and the Republic of Malaysia, and the prospects for supporting and developing them to serve The interests of the two brotherly countries and peoples, and the two sides exchanged views on a number of bilateral regional and international economic issues and developments of common interest.

During the meeting held at the Ministry’s headquarters in Dubai, the two sides reviewed the opportunities and paths for cooperation and partnership between the two countries during the next stage, especially through the efforts taken by the UAE and Malaysia to accelerate the pace of economic recovery and a safe transition towards the post-Covid-19 phase.

Sustainable partnerships

The two parties discussed ways of cooperation and coordination to increase the rates of non-oil trade exchange and enhance the flow of mutual investments, and how to encourage more Emirati and Malaysian companies to establish sustainable and fruitful partnerships and explore promising opportunities in the two countries’ markets, with a focus on cooperation in the sectors of innovation, modern technology, applications of the fourth industrial revolution and the digital economy. .

His Excellency Abdullah bin Touq said: “The Emirati-Malaysian relations are strong and growing, and the two countries are linked by a distinguished partnership that includes various economic, commercial, cultural and tourism aspects, driven by the common desire of the leaders of the two countries to develop levels of cooperation at the governmental and private levels, and to open wider investment opportunities and prospects for the business community in both countries In the various stages and conditions that the region and the world are going through. ”

During the meeting, His Excellency bin Touq reviewed the UAE’s efforts to accelerate the recovery process through the general economic plan for recovery and economic recovery led by the Ministry of Economy in cooperation with its various partners inside and outside the country, and it includes many initiatives directed to support the economic sectors, activate activities and businesses, stimulate investments, support entrepreneurship and stimulate tourism. And establishing a sustainable development path for the economy for the post-Covid-19 phase by adopting flexible business models based on the outputs of advanced technology and digital services. We welcome cooperation with the Malaysian side in many of the plan’s initiatives in order to achieve the common interests of the two countries.

His Excellency added: “The UAE, under the guidance of its wise leadership, adopts an ambitious future vision and has achieved many distinguished achievements in the sectors of the new economy. On the other hand, Malaysia is one of the countries with the main economic weight in the Southeast Asia region and has a distinguished experience internationally in achieving leadership. “Through several vital sectors, such as technology and innovation, manufacturing industries, the financial sector, logistics and others. This opens up broad prospects for developing partnership and exploring new opportunities for cooperation during the next stage according to clear directions that meet the aspirations of the two countries to build the future.”

Promising potential

Muhammad Azmin Ali, Prime Minister of Economy and Minister of International Trade and Industry of Malaysia, said: “We look forward to strengthening the strong economic partnership between Malaysia and the UAE, by focusing on achieving the optimum utilization of the promising potentials and opportunities available on both sides within the framework of fruitful cooperation in various vital areas of concern. The common interest, especially the new and emerging sectors. The UAE has always been an important and strategic trading partner for Malaysia in the Middle East region, while Malaysia is emerging as an ideal gateway to consolidate the leadership position of the UAE within the regional markets. It can be said that Malaysia today is fully prepared and ready to continue working on Close with the UAE, in order to bring effective partnerships to a new level of excellence that serves the ambitious bilateral aspirations.

Continuous growth

For his part, His Excellency Dr. Thani Al-Zeyoudi explained that the trade ties between the two countries are witnessing continuous growth, as the UAE is one of Malaysia’s most important trading partners in the region, and the volume of non-oil trade exchange between the two countries reached 3.6 billion dollars (13.1 billion dirhams) during the year 2020. Despite the effects of the Covid-19 pandemic on global trade.

His Excellency added: “We are working closely with our partners in the Malaysian government to increase non-oil foreign trade between the two countries during the next stage, diversify the basket of trade exchange of goods, products and services, and explore prospects and opportunities for partnership in the fields of investment and attracting talent, by making use of the distinguished accumulated experiences achieved by the two countries in the past.” Many vital sectors. ”

The UAE’s non-oil exports to Malaysia accounted for the largest percentage of total trade between the two countries in 2020, reaching a value of $ 1.1 billion, and a growth rate of 64% compared to 2019, and the most important of these exports are: gold, aluminum, petroleum oils, ethylene and propylene polymers. Combined, the five commodities grew 84% in 2020 compared to 2019.

It is noteworthy that Malaysia is participating in a large pavilion in the “Expo 2020 Dubai”, which will include a section devoted to art, culture and tourism permanently, in the “Empowering Harmony” area within the pavilion, while the other three sections include “Empowering Today”, “Empowering Tomorrow” and “Business Activation” areas. The pavilion also includes a number of initiatives that support environmental sustainability and reduce carbon emissions.

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