Malaysia, Russia to deepen economic ties

The Sun

7 hours ago

MOSCOW: Malaysia and Russia will deepen economic cooperation, particularly in high-potential sectors such as the halal industry, agriculture and food security, Deputy Prime Minister Datuk Seri Fadillah Yusof said.
Fadillah said bilateral trade between the two countries remained modest in 2024, despite Russia's large economy.
Russia ranked as Malaysia's ninth-largest trading partner among European nations this year, with total trade reaching RM11.46 billion (US$2.48 billion).
Malaysia's key exports to Russia include electrical and electronic products, machinery, equipment and parts, as well as processed food.
'I invited Russian companies to invest in Malaysia and take advantage of the government's incentives in strategic sectors such as aerospace, agrotechnology, energy, ICT (information and communications technology), the digital economy, Islamic finance and the halal industry,' the Deputy Prime Minister said.
He was speaking at a press conference at the end of his four-day working visit to Russia late last night.
Fadillah, who is also the Energy Transition and Water Transformation Minister, called for cooperation in agriculture and food security, and proposed joint research and development in fertiliser and pesticide technologies, agro-engineering and food technology.
'I discussed collaboration in higher education and conveyed appreciation to the Russian government for its scholarships to Malaysian students.
'I also proposed that these scholarships be extended to emerging sectors such as artificial intelligence, big data and information science, in line with current industrial transformation,' he said.
On tourism, Fadillah said Malaysia welcomed a proposal for direct flights between the two countries, which is expected to be finalised soon.
However, he noted that Russia had raised concerns over financial transactions, which had to some extent hampered the growth of bilateral trade.
He gave an assurance that the Malaysian government, through the relevant agencies, including Bank Negara Malaysia, would continue to facilitate smooth financial transactions between both sides.
'I will present the outcomes of my discussions with Russian counterparts to the Cabinet upon my return to Malaysia.
'In shaa Allah, I am confident that Malaysia–Russia cooperation will continue to develop positively and bring tangible benefits to our country,' he added.