UAE and Malaysia hold roundtable aimed at boosting trade ties

Two sides explore joint venture opportunities in high-growth sectors such as energy, infrastructure, logistics and food security

Malaysia is the UAE’s 12th largest global trade partner. Bloomberg

The UAE and Malaysia held a business roundtable in Abu Dhabi on Friday to boost trade investment and explore new opportunities.

The roundtable explored joint venture opportunities in high-growth sectors such as energy, infrastructure, logistics and food security.

It was attended by Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, Malaysian Prime Minister Anwar Ibrahim and Tengku Zafar Tengku Abdul Aziz, Malaysia’s Minister of Investment, Trade and Industry.

Malaysia is the UAE’s 12th largest global trade partner, while the Emirates is Kuala Lumpur's second-largest trade partner in the Arab world, according to official figures. Last year, bilateral non-oil trade reached $4.8 billion, compared to $3.5 billion in 2020.

“The UAE greatly values our economic, social and cultural bonds with Malaysia,” Dr Al Zeyoudi said.

“The frequent exchange of official visits and meetings between our business leaders, investors and entrepreneurs, which all seek to establish long-term partnerships in high-potential sectors, underline the desire for greater economic alignment.”

UAE President Sheikh Mohamed on Thursday received Mr Anwar at Qasr Al Shati in Abu Dhabi to discuss bilateral ties and explore opportunities for further collaboration.

It was announced in May that the UAE and Malaysia had agreed to start negotiations on a comprehensive economic partnership agreement to strengthen trade ties between the two countries.

During the roundtable, the Malaysian delegation engaged with representatives of 21 major UAE companies and sovereign wealth funds, including Adnoc, Taqa, Masdar, DP World, Adia and Mubadala.

“We sincerely hope for stronger relations between Malaysia and the UAE as we explore new areas of collaboration including in renewable energy, digital economy, food security, energy, health, and connectivity,” Mr Anwar said.

The UAE, the Arab world’s second-largest economy, is seeking to develop closer trade and investment relations with partners around the world.