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Kazakhstan, Malaysia forging stronger economic partnership

4 May 2017 09:36

KUALA LUMPUR. KAZINFORM - Malaysia and Kazakhstan plan to further strengthen bilateral economic ties after both countries saw an over 30 per cent increase in two-way trade last year.

Malaysian External Trade Development Corporation (MATRADE) deputy chief executive officer, Sharimahton Mat Salleh, said there are many business areas that Malaysia and Kazakhstan can explore together, Kazinform has learned from New Straits Times.

These areas include Islamic finance, halal products, e-commerce, aerospace and engineering.

"In terms of trade, there is an abundance of opportunity for Malaysia and Kazakhstan... there is room to grow," Sharimahton said at the Malaysia-Kazakhstan Business Forum titled "New Business Opportunities in Kazakhstan" here, today.

First Vice Minister of the National Economy of Kazakhstan, Ruslan Dalenov, said Kazakhstan recognizes the success of Malaysia in the industrial sector, Islamic finance, Halal product development and tourism.

He said Kazakhstan wants to work with Malaysia to develop these areas in the former Soviet Republic.

Malaysia and Kazakhstan have enjoyed a growing economic partnership over the last decade.

In 2016, Malaysia's total trade with Kazakhstan rose 36.1 per cent to RM203.58 million compared to 2015. Exports rose by 30.4 per cent to RM180.81 million, while imports increased to RM22.77 million.

In the first two months of 2017 (Jan-Feb), Malaysia's total trade with Kazakhstan amounted to RM48.07 million. Exports were valued at RM43.57 million, while imports were at RM4.49 million.