in ,

Malaysia, Indonesia eye expansion of trade

Malaysia aims to boost bilateral trade with neighbouring Indonesia, including cross-border investments, in a number of key sectors, a Malaysian official said.

Among areas of interest are pharmaceuticals, aerospace, palm-oil processing, consumer goods, as well as defence and security, International Trade and Industry Minister Tengku Zafrul Tengku Abdul Aziz said in a statement on Sunday.

These were reflected in nine Memorandums of Understanding (MoUs) between Malaysian and Indonesian companies, with a total potential investment value of more than 1.6 billion ringgit ($363 million), he added.

Malaysian Prime Minister Anwar Ibrahim is currently on a two-day official visit to Indonesia from Sunday to Monday, his first tour abroad since assuming office last November, with trade being high on the agenda.

Within the Association of Southeast Asian Nations, Indonesia is Malaysia’s second-largest partner in trade and the third-largest source of foreign direct investment.

Total trade between the two countries was nearly $23 billion in 2021, a 45.5 per cent year-on-year increase compared to 2020.

For the period of January to November 2022, the bilateral trade between both countries had already exceeded $27 billion, nearly 33 per cent more than the corresponding period in 2021.

Green hydrogen mission to make India leading producer: Renewable Energy Minister R.K. Singh

Former Union minister Sharad Yadav dies aged 75