Vast Potential For Malaysia, Qatar To Diversify Trade Basket -- MITI
KUALA LUMPUR, April 16 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) sees vast potential for Malaysia and Qatar to diversify the two countries’ trade basket, particularly in high-value manufacturing, Islamic finance, halal sector and the digital economy.
Deputy Minister Liew Chin Tong said Malaysia deeply values Qatar’s continued confidence in the country’s business environment and Qatari investments in Malaysia have historically been concentrated in real estate and hospitality; therefore, there is strong potential to broaden this portfolio.
“As Malaysia works toward its ambition of becoming a regional leader in advanced manufacturing and high-value industries by 2030, we welcome Qatari investors to explore emerging sectors such as food manufacturing and agriculture, tapping into Malaysia’s strong halal ecosystem.
“We also welcome them to explore Malaysia’s oil and gas, petrochemicals, and metal products sectors, leveraging our expertise and infrastructure. There are also tremendous opportunities in the aerospace, renewable energy, and artificial intelligence and digital economy sectors,” he said at the Malaysia-Qatar Business Council (MQBC) meeting at Menara MITI here today.
Liew also extended his deepest gratitude to MQBC chairman Datuk Mohamed Razeek Md Hussain Maricar for his continued leadership for the 2024 - 2027 term.
“This gathering is not just a renewal of commitment but a reaffirmation of the economic and commercial ties between Malaysia and Qatar – the ties that have flourished since the establishment of diplomatic relations in 1974,” Liew said.
The Malaysia-Qatar bilateral trade surged by an impressive 48.9 per cent last year, reaching RM6.3 billion compared to RM4.2 billion in 2023.
“While Malaysia recorded a trade deficit of RM4.07 billion, primarily due to the increase in imports of crude and petroleum products, this underscores the immense potential for greater collaboration in new and high-growth sectors,” he added.
-- BERNAMA