Madani Economic Framework Initiatives To Be Key Focus In Ahmad Zahid's Official Visit To UAE

From Zarul Effendi Razali

ABU DHABI, Nov 13 (Bernama) -- Various initiatives under the MADANI Economic Framework, among other matters, will be highlighted during Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi’s seven-day official visit to the United Arab Emirates (UAE), which started today.

Malaysia Ambassador Designate to the UAE, Tengku Datuk Sirajuzzaman Tengku Mohamed Ariffin said this is in line with the focus of the framework, which aims to create a better environment to attract foreign investors to Malaysia.

bootstrap slideshow

In this regard, he said Ahmad Zahid would hold meetings with industry players and stakeholders in the Middle Eastern country, covering areas such as education, artificial intelligence (AI), and disaster management, including with companies like Space42 and NAFFCO FZCO, which are suppliers and manufacturers of life safety solutions.

“Bilateral relations between Malaysia and the UAE began in 1973. Since then, the relationship between both countries has steadily grown, based on strong economic ties, mutual respect, and cooperation in various fields.

“Recently, Malaysia and the UAE finalised discussions on the Malaysia-UAE Comprehensive Economic Partnership Agreement (CEPA). This agreement will serve as a catalyst to further strengthen trade activities between both countries and is expected to be signed soon,” he told reporters.

bootstrap slideshow

Tengku Sirajuzzaman said the UAE has established CEPA agreements with India, Indonesia, Turkiye, and Cambodia, where their trade ties have shown excellent growth.

“Both countries (Malaysia and UAE) have also held a Joint Cooperation Committee (JCC) meeting in Abu Dhabi on June 4, 2024, co-chaired at the deputy ministerial level by Foreign Minister Mohamad Alamin,” he added.

Tengku Sirajuzzaman added that the UAE is one of the largest foreign investors in Malaysia among the Western Asian countries, and Malaysia encourages UAE investors to remain active in exploring high-value investment opportunities in the country.

“Major UAE investments in Malaysia include Mubadala Petroleum, Lulu Hypermarket, Medini Development, and Landmark Group. 

“Meanwhile, Malaysia’s investments in the UAE totalled RM1.4 billion (US$375.9 million) in 2023, with Malaysian companies operating in the UAE such as Petronas, Tenaga Nasional Bhd, UEM, Eversendai Corp, Shing Yang Shipping, and Marrybrown,” he said.

Tengku Sirajuzzaman noted that potential areas for collaboration with the UAE include pharmaceuticals, digital and green economies, AI, electrical & electronics, chemicals, and aerospace.

Meanwhile, regarding Malaysia’s participation in the Malaysia International Halal Showcase (MIHAS) at the Middle East Organic and Natural Product Expo on Nov 18, 2024, he said it would further strengthen MIHAS’s status as a globally recognised trade exhibition while positioning Malaysia as a leading player in the international halal landscape.

In a statement today, the Ministry of Foreign Affairs informed that Ahmad Zahid’s official visit to the UAE is the first high-level visit between the two countries this year, following Prime Minister Datuk Seri Anwar Ibrahim’s working visit to the UAE in October last year.

“This reflects Malaysia’s ongoing commitment to strengthening relations and fostering cooperation in various sectors that benefit both countries, since bilateral relations were upgraded to a strategic partnership in September 2022,” the statement said.

The UAE is Malaysia’s second-largest trading partner, the second-largest export destination, and the second-largest import source from the Middle East region.

In 2023, Malaysia’s trade with the UAE increased by 5.4 per cent from RM37.6 billion (US$8.53 billion) to RM39.63 billion (US$8.67 billion) compared to the previous year.

Tengku Sirajuzzaman stated that there are about 5,000 Malaysians registered with the embassy in Abu Dhabi and about 7,000 Malaysians across the UAE.

-- BERNAMA