KUALA LUMPUR: Malaysia and Russia are at a crucial juncture to renew their trade ties, with the goal of fostering stronger collaboration between the private sectors of both countries and bolstering government-to-government (G2G) cooperation, said Abu Bakar Yusof, deputy chief executive officer of the Malaysia External Trade Development Corporation (MATRADE).
Abu Bakar noted that Malaysia could explore more trade and investment opportunities with Russia, particularly in the technology sector.
He said the nation is one of the biggest trading nations in the world, positioned at the 26th last year after registering more than US$500 billion of total trade.
Abu Bakar stated that Russia is deemed as one of the countries where Malaysia can see its trade grow positively, citing the double-digit growth in trade last year amid economic uncertainties, while trade with other countries expands slower.
He added that the positive trajectory continues into this year as the trade with Russia from January to October also registered double-digit growth.
"So there's a lot of opportunities that we can explore with Russia. We want to see more trade between the two countries.
"The global economic landscape has also evolved due to COVID-19 and geopolitical tension; hence we have to enhance how we do our business," he said during a plenary session at the World of Opportunities: Russia–ASEAN International Business Forum at the Mandarin Oriental Hotel here today.
Abu Bakar said the main exports to Russia involved machinery equipment, processed food, and electrical and electronic goods.
He noted that both countries could further explore or diversify their partnership, which includes technological collaboration, renewable energy, and green technology.
He said the government continues to embark on a more aggressive approach in establishing international partnerships.
"These are the areas that we can explore to further enhance our collaboration with Russia.
"For the Ministry of Investment, Trade and Industry (Miti), Matrade, and the Malaysian Investment Development Authority (Mida), we are looking forward to this kind of programmes and event where we can further identify new areas of collaboration," he added.