Dubai-Malaysia Collaboration Unlocks Regional Value Chains
KUALA LUMPUR, Nov 25 (Bernama) -- Dubai’s leadership as a global trade and logistics hub complements Malaysia’s strengths in manufacturing, innovation, and ASEAN connectivity, which together create new value chains that span the Middle East and Asia.
Investment Trade and Industry Ministry (MITI) secretary-general Hairil Yahri Yaacob said that Malaysia offers an open, competitive and globally-connected economy, underpinned by pro-business policies and a skilled multilingual workforce.
“We are committed to supporting investors at every stage, from initial engagement to post-investment facilitation and regional expansion,” he said in his keynote speech at the “Doing Business With Malaysia” Programme here on Tuesday.
His speech was read by MITI’s ASEAN Economic Integration Division senior director Dr Sugumari S. Shanmugam.
Hairul Yahri said Malaysia is ready to move forward together with the United Arab Emirates (UAE) towards a more connected, innovative, and sustainable future.
“UAE has always been one of Malaysia’s most important trading partners in the West Asia region.
“In 2024, the UAE was Malaysia’s second-largest trading partner, largest export destination, and second-largest source of imports among the Gulf Cooperation Council (GCC) member states, which is clear evidence of the depth and resilience of our economic partnership,” he said.
He noted that earlier this year, Malaysia and the UAE achieved a historic milestone with the signing of the Malaysia-UAE Comprehensive Economic Partnership Agreement (MY-UAE CEPA) on Jan 14, an agreement which was finalised in just 11 months, following the first round of negotiations held in October 2023 in Dubai.
“With MY-UAE CEPA in force and the Malaysia-GCC Free Trade Agreement (MGFTA) on the horizon, Malaysia stands ready to serve as the gateway to ASEAN, a dynamic region of 680 million people and a combined gross domestic product exceeding US$3.6 trillion,” he said.
Today (Tuesday), the Dubai Chamber of Commerce and the National Chamber of Commerce and Industry of Malaysia (NCCIM) inked a memorandum of understanding (MoU) that aims to enhance bilateral trade relations and strengthen ties between the business communities in Dubai and Malaysia.
The MoU was inked by Dubai Chamber of Commerce’s international relations executive vice-president, Salem Al Shamsi and NCCIM president N. Gobalakrishnan.
In his speech, Hairil Yahri urged Malaysian companies to take the opportunity to learn from Dubai’s world-class experience in trade, finance, and logistics.
“To our friends from Dubai, I invite you to explore Malaysia’s potential as your strategic hub in ASEAN with strong supply chains, halal leadership, innovation ecosystems and a welcoming investment climate,” he said.
The non-oil trade between Malaysia and Dubai reached US$4.9 billion in 2024, an impressive annual growth of 20 per cent.
-- BERNAMA
