Russia strengthens economic cooperation with Malaysia

(CLO) Russia is actively increasing bilateral trade and investment with Malaysia, as well as wanting to promote cooperation with the Association of Southeast Asian Nations (ASEAN).

Russian ministers and officials have led business delegations to Malaysia in recent months. This follows Malaysian Prime Minister Anwar Ibrahim’s visit to Russia in September to attend the Eastern Economic Forum (EEF) at the invitation of President Vladimir Putin. In Vladivostok, Anwar called Russia a “key partner” and proposed that the two countries build a “special relationship.”

Last year, Malaysia's exports to Russia increased 13% year-on-year to $619.3 million, while Russia's exports to Malaysia increased 10.8% to $2.49 billion.

Russian President Vladimir Putin shakes hands with Malaysian Prime Minister Anwar Ibrahim at the Eastern Economic Forum in Vladivostok, Russia in September 2024. Photo: Roscongress Foundation/AP

"There are many opportunities that we can exploit together with our Russian partners, Russian companies," said Abu Bakar Yusof, deputy chief executive officer of the Malaysia External Trade Development Corporation, the country's export promotion and development agency.

At the Russia-ASEAN international business forum held in Kuala Lumpur last week, Russian officials said there were still many untapped opportunities in economic cooperation in areas such as cybersecurity, software development and telecommunications with the region.

Currently, trade activities between ASEAN and Russia focus on the fields of oil and gas, energy and agriculture .

The cooperation with Malaysia comes amid a series of sanctions imposed by the West on Russia, including a recent US embargo aimed at further restricting Russia’s use of the international financial system.

However, Malaysia, which will take over the rotating ASEAN chairmanship next year, is still keen to work with Russia and BRICS members to diversify its traditional markets while maintaining ASEAN's centrality amid fierce competition among superpowers.

In 2023, Russia's trade turnover with ASEAN grew by 15% compared to the previous year.

The BRICS group, which originally included Brazil, Russia, India, China and South Africa, added five new members – Iran, Saudi Arabia, the UAE, Ethiopia and Egypt – in October, as well as several new partner countries.

Huy Hoang (according to CNA, TASS, AP)

Source: https://www.congluan.vn/nga-tang-cuong-quan-he-kinh-te-voi-malaysia-thuc-day-hop-tac-voi-asean-post323917.html