LETTER: The "sky is the limit" for cooperation between Malaysia and the United Arab Emirates – this was the significant conclusion derived from Tan Sri Muhyiddin Yassin's visit to East Asia recently.
The phrase was used by Sheikh Mohamed Zayed Al Nahyan, the Crown Prince of Abu Dhabi who is also the deputy supreme commander of the UAE Armed Forces during his meeting with our prime minister.
Clearly, Muhyiddin has "opened the door" for our Malaysian businessmen and industry players to explore and invest in this oil-rich nation, an opportunity they must not miss but act upon, fast, rightly and diligently.
This is because such meaningful investments and joint ventures, no doubt, would further strengthen not only the existing good ties between the two countries but will also push bilateral trade between the two nations to greater heights.
As Muhyiddin said during the visit, trade between the two nations is set to be increased fivefold in value from the current RM12 billion and UAE also wished to increase its investment in Malaysia to another US$1.6 billion at the moment in many areas, including education, tourism and food security.
Indeed, his visit has brought such great, uplifting news and opportunities for our industry players to grab and get ready for any joint ventures in areas that need to be explored and developed amid these tough, challenging times when the Covid-19 pandemic wrought the people and the country's economy, bringing almost everything to a grind since its outbreak early last year.
The endless, multiple wide-ranging economic recovery measures such as new investment incentives, strategies and policies implemented and made available by the government will definitely spur the progress of recovery much better and faster.
Certainly, the increase in trade and investment from UAE in Malaysia will also benefit our country and the people greatly through the creation of more business and job opportunities.
At the end of last year, the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah during his five-day visit to Abu Dhabi had said the remarkable growth in bilateral trade and tourism between Malaysia and UAE indicated huge economic potential.
Given Malaysia's strategic location in Southeast Asia, it is primarily a strategic getaway for the UAE to enter the regional market, which is home to 650 million people, as well as Malaysia's new markets.
As it is, the Perikatan Nasional-led government under Muhyiddin remains committed to continue cultivating an ecosystem that enables businesses to thrive and make the country an attractive investment hub, for both local and foreign investors.
Without making Covid-19 as an excuse for insularity and inward-looking policies, Muhyiddin has gave an assurance that his government would continue to pursue policies to ensure favourable market conditions for Malaysian exports in line with efforts to make Malaysia a free, fair and open trade and investment destination.
His ardent assurance that Malaysia was, is and will always be a nation that is pro-business, pro-trade and pro-investment, augurs well with the dynamics of today's reality in easing those hurdles wrought by the pandemic.
The government's right policy tools, targeted intervention measures and novel public-private partnership also provide certainty and predictability for local investors and businessmen to explore all possibilities for the success of their ventures and business collaborations.
The doors for such opportunities have been made wide open and it is up to our industry players and investors to display significant trade and investment potentials, not only to the UAE but the world in general.
MUTALIB MOHD AMIN
Kuala Lumpur
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times