Latest news with #economiccooperation
Malay Mail
7 hours ago
- Business
- Malay Mail
DPM Fadillah: Malaysia, Russia to deepen economic ties in halal industry, agriculture
MOSCOW, June 28 — 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. — Bernama
Malay Mail
a day ago
- Business
- Malay Mail
Tengku Zafrul discusses economic cooperation with Singapore, Indonesia leaders
KUALA LUMPUR, June 27 — Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, held discussions with leaders from Singapore and his counterpart from Indonesia to enhance and strengthen economic cooperation for the mutual benefit of the three neighbouring countries. 'I had the opportunity to engage with counterparts from our neighbouring nations—Singapore's Deputy Prime Minister Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto. 'Our main focus was to improve and deepen trilateral economic cooperation for our shared benefit,' he said in a post on his X platform, adding that he is currently in Indonesia. Tengku Zafrul is one of four ministers accompanying Prime Minister Datuk Seri Anwar Ibrahim on his official visit to Indonesia today. Other ministers in the delegation include Foreign Minister Datuk Seri Mohamad Hasan, Higher Education Minister Senator Datuk Seri Dr Zambry Abdul Kadir, Communications Minister Datuk Ahmad Fahmi Mohamed Fadzil, and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. Commenting further, Tengku Zafrul said the discussions, held against a backdrop of ongoing geopolitical challenges, also touched on ASEAN's role in navigating the increasingly complex geoeconomic landscape. In 2024, Indonesia was Malaysia's sixth-largest global trading partner and the second-largest among ASEAN member states. During the same period, bilateral trade rose 4.5 per cent to RM116.29 billion (US$25.5 billion), from RM111.21 billion (US$24.39 billion) in 2023. In a statement on Thursday, the Foreign Ministry said Anwar, who also serves as Finance Minister, is making the visit in return for Indonesian President Prabowo Subianto's visit to Malaysia earlier this year. The visit includes bilateral meetings and attendance at the 46th ASEAN Summit, the Second ASEAN-GCC Summit, and the ASEAN-GCC-China Summit held from May 26 to 27. 'This visit also forms part of preparations for the 13th Annual Consultation between Malaysia and Indonesia, scheduled to take place later this year,' the statement added. — Bernama
Arabian Business
2 days ago
- Business
- Arabian Business
UAE and China deepen $100bn trade ties
The UAE and China are looking to develop $100bn trade ties and strengthen relations between the two countries. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, has completed a high-level working visit to China, strengthening bilateral relations and deepening economic cooperation across energy, renewables, and industry. China is the UAE's largest global trading partner, with bilateral trade surpassing $100bn in 2024 — a 7 per cent annual increase driven largely by an 18 per cent rise in imports. UAE-China trade In Q1 2025 alone, non-oil trade surged 18 per cent year-on-year, fuelled by: 32.5 per cent growth in exports 20.2 per cent increase in re-exports 12.7 per cent rise in imports During his visit, Dr. Al Jaber met with senior Chinese government leaders, including Lan Fo'an, China's Minister of Finance; Liu Jianchao, Head of the CPC's International Department; and Zou Jiayi, President of the Asian Infrastructure Investment Bank (AIIB). The meetings focused on enhancing the UAE–China Comprehensive Strategic Partnership and launching new joint initiatives that support sustainable economic growth and industrial development. Dr. Al Jaber also held talks with the heads of major Chinese corporations, including: China National Petroleum Corporation (CNPC) ZhenHua Oil China National Offshore Oil Corporation (CNOOC) China Investment Corporation (CIC) Wanhua (chemicals) Envision (renewables and smart energy) China Energy Engineering Corporation (CEEC) POWERCHINA International These discussions addressed opportunities for collaboration in oil and gas, LNG, refining, petrochemicals, renewables, and strategic infrastructure, while also exploring industrial investment, localisation, and clean energy transitions.
Zawya
3 days ago
- Business
- Zawya
ETA poised to back Chinese firms' expansion in Egypt: Chief
Egypt - Rasha Abdel-Aal, Chair of the Egyptian Tax Authority (ETA), affirmed the authority's commitment to enhancing economic cooperation with countries around the world in a manner that fosters new investments into Egypt's business climate. She underscored that Chinese companies are among Egypt's most significant partners and confirmed ETA's full readiness to provide all necessary support for their expansion and continued growth. Abdel-Aal proposed the formation of a permanent joint committee between the ETA and the Chinese Chamber of Commerce to further strengthen this partnership and deepen economic collaboration. She noted that recent tax facilitation measures—enacted through Laws 5, 6, and 7 of 2025—have contributed to creating an ideal and investor-friendly tax environment. These laws represent a strategic shift in Egypt's taxation approach, resolving longstanding disputes and marking a new phase in business-state relations based on certainty, development, and mutual trust. She added that a simplified, integrated tax framework has also been introduced for small and micro-enterprises with annual revenues below EGP 20m. Abdel-Aal highlighted additional institutional reforms, including the establishment of an Advance Rulings Unit that offers precise advisory services for investors planning to enter the Egyptian market, supporting feasibility studies with accurate, up-to-date data. A dedicated Complaints Unit has been launched to swiftly handle taxpayer grievances. Meanwhile, the Investor Support Unit has been upgraded, and new mechanisms for Central Clearing and VAT refunds have been rolled out—reducing the average processing time for VAT refunds to just 22 days from the date of application. Ashraf El-Zayat, Head of the Audit Sector at the ETA, explained that Law 5 of 2025 supports economic formalisation by exempting past liabilities, allowing businesses to treat their date of registration with the ETA as the official start of operations. The law also permits the submission or amendment of tax returns for the period from 2020 to the date of enactment without incurring penalties or fines. Speaking during the ETA's meeting with the Chinese Chamber of Commerce, El-Zayat also elaborated on the simplified tax framework for small and micro-enterprises earning under EGP 20 million annually. The law introduces a streamlined tax rate, beginning at 0.4% for annual revenues under EGP 500,000 and rising to a maximum of 1.5% for those earning between EGP 10m and under EGP 20m. It also provides partner taxpayers with free technical support and electronic point-of-sale (POS) systems. Saeed Fouad, Advisor to the ETA Chair, stated that the authority has released comprehensive guides to unify auditing standards nationwide and prevent arbitrary assessments. Additional reference materials have been published to inform investors of their rights, responsibilities, tax benefits, and incentives—contributing to increased transparency and awareness of Egypt's tax framework. These guides are available in multiple languages on ETA's official website, Fouad noted, adding that preparations are underway to launch the authority's first official English-language website. This initiative, he said, will lay the groundwork for future multilingual expansions aimed at promoting Egypt's tax culture on a global scale. 'We value our trade ties with Egypt, which serve as a model for development across the Global South—particularly in the Suez Canal Economic Zone,' said Chang Wei-Tsai, President of the Chinese Chamber of Commerce in Egypt. 'We extend our sincere appreciation to the ETA for their ongoing cooperation and strong support for Chinese enterprises operating in Egypt.' Tsai added that the Chamber has become a vital link facilitating trade between China and Egypt, contributing to the creation of over 100,000 jobs for Egyptian citizens. He also expressed interest in expanding partnerships in clean energy—particularly solar, wind, and hydropower—supporting Egypt's transition to a green economy. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Egypt committed to strengthening partnerships with African nations
Egypt - Mohamed El-Shimy, Minister of the Public Enterprises Sector, held a series of high-level bilateral meetings on the sidelines of the 17th US-Africa Business Summit, currently taking place in Luanda, Angola, from 22 to 25 June. El-Shimy is participating as Egypt's official representative, accompanied by Nevine El-Husseiny, Egypt's Ambassador to Angola, as part of Cairo's ongoing efforts to deepen economic cooperation with African countries. During his meeting with Esperança da Costa, Vice President of Angola, both sides reaffirmed the strength of historic ties between Egypt and Angola and discussed avenues for expanding cooperation in key priority sectors. The meeting also highlighted the significance of the summit as a forum for dialogue between governments and the private sector, particularly as Angola holds the presidency of the African Union this year and celebrates 50 years of independence. El-Shimy also met with several African ministers and senior officials attending the summit, including Rui de Oliveira, Angola's Minister of Industry and Trade; Isaac Francisco, Minister of Agriculture; Sílvia Paula, Minister of Health; and Armando Manuel, Chairperson of Angola's Sovereign Wealth Fund. Other key meetings included discussions with Julien Paluku, Minister of Trade of the Democratic Republic of the Congo; Karim Zaidan, Morocco's Minister of Investment; and Mohamed Arkab, Algeria's Minister of Energy. The talks focused on boosting cooperation between Egypt and these countries in various fields including investment, joint industrial ventures, and trade exchange—contributing to deeper regional economic integration and advancing sustainable development objectives. El-Shimy stressed that Egypt, under the leadership of President Abdel Fattah El-Sisi, attaches great importance to enhancing partnerships with African nations on the basis of mutual interests and regional unity. He noted that the Ministry of Public Enterprises Sector is working actively to expand collaboration with African counterparts, especially in strategic productive sectors. He added that these engagements align with Egypt's broader strategy to open new markets for Egyptian companies across the continent, facilitate the transfer of industrial and technological expertise, and foster joint ventures with both public and private sector partners in African states. El-Shimy concluded by highlighting the wide-ranging opportunities available for cooperation across multiple sectors and reiterated the importance of the summit as a key platform for direct interaction between government leaders and private sector stakeholders across Africa. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
