Malaysia, Ukraine Discuss Key Sectors For Economic Collaboration In Inaugural Joint Trade Meeting

KUALA LUMPUR, Nov 1 (Bernama) -- Malaysia and Ukraine marked a new chapter in bilateral trade relations with the inaugural Malaysia-Ukraine Joint Trade Committee (JTC) meeting today, with discussions centered on key sectors, including agriculture, aerospace, sustainable palm oil, medical devices and tourism.

The meeting which was co-chaired by Deputy Investment, Trade and Industry Minister Liew Chin Tong and Ukraine’s Deputy Minister of Economy and trade representative Taras Kachka, set a solid foundation for expanding economic partnerships, against a backdrop of geopolitical challenges.

Liew said in a statement today that the partnership between Malaysia and Ukraine will bolster bilateral relations and enable both countries to capitalise on the growing economic opportunities in ASEAN.

“While Ukraine is facing existential crisis from the war, strengthening meaningful economic cooperation remains a key focus between Ukraine and Malaysia.

“In light of prevailing geopolitical tensions, fostering closer ties helps enhance the resilience of our supply chains,” he said.

Kachka, who is on a working visit to Malaysia from Oct 31 to Nov 2, echoed Malaysia’s commitment to enhancing economic relations, adding that Ukraine’s strengths in agriculture and space technology complement Malaysia’s growing needs and capabilities in these sectors.

The Ministry of Investment, Trade and Industry said the JTC meeting is expected to pave the way for greater economic and trade collaborations between the two nations, enhancing partnerships at both the government-to-government and business-to-business levels for the mutual advantage of Malaysia and Ukraine.

It said bilateral trade between Malaysia and Ukraine has shown promising growth, reflecting the strengthening economic ties between the two nations, reaching RM640.33 million from January to September 2024, a 151.2 per cent increase compared to the same period last year.

“This encouraging growth highlights the resilience and adaptability of both countries in seizing new opportunities for economic advancement,” it added.

-- BERNAMA