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KUALA LUMPUR, June 17 (Bernama) -- The National Chamber of Commerce and Industry of Malaysia (NCCIM) hopes that Malaysia will be able to attract more investments from the United Arab Emirates (UAE) in high-tech manufacturing projects and emerging industries, while aggressively promoting and exporting local products.
NCCIM president Datuk Low Kian Chuan said with the current trade deficit with the UAE, Malaysian businesses need to aggressively go out to the market and export more products to the UAE.
“They are many areas (potential export markets) including smart manufacturing, digital economy, artificial intelligence, aerospace industry, halal industry, food security and renewable energy,” he said during the business and engagement session with the ministerial-led business delegation from UAE, here, today.
Low said the UAE has been the largest trading partner for the West Asian region and there was plenty of room for expansion as the country is rich in resources.
Malaysia’s total trade with the UAE from January till April 2022 increased by 39.4 per cent to RM11.24 billion as compared to RM8.06 billion in the corresponding period of 2021.
Total exports to the UAE increased by 34.6 per cent to RM4.69 billion from RM3.49 billion for the corresponding period last year, and total imports also increased by 43.1 per cent to RM6.55 billion from RM4.58 billion previously.
In 2021, Low said Malaysia’s major exports to the UAE were electrical and electronic products; jewellery; palm oil and palm oil-based agriculture products; petroleum products; and processed food.
Major imports were petroleum products; crude petroleum, chemicals and chemical products; and metal.
“It is hoped that the continuing efforts of the private sector, with facilitation of the governments, will add value to further increase bilateral economic activities and delegation visits will play a contributory role towards it,” he said.
Meanwhile, UAE Assistant Minister for Economics and Trade Affairs at the Ministry of Foreign Affairs and International Cooperation Dr Abdulnasser Alshaali said the country is looking forward to investment in renewable energy, food security, technology and pharmaceutical sectors.
“We know that Malaysia is a key exporter of animal vaccines and this is something we are very interested in and eyeing to grow in the near future,” he said.
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