Monday, February 17

Kazakstan keen to strengthen bilateral trade with Malaysia


PUTRAJAYA: Kazakhstan is determined to continue and strengthen its bilateral trade with Malaysia despite global economic challenges.

In fact, several areas of cooperation in both the diplomatic and economic fields have been explored between both countries since the start of its official relationship in 1992, according to a spokesperson from the Kazakhstan Embassy in Malaysia.

These include the agreements signed during the visit by Prime Minister Datuk Seri Najib Tun Razak to Kazakhstan in May, 2014, for the construction of a methanol plant and a liquefied natural gas plant, as well as, farm development involving cattle breeding in the country.

“From January until October, 2015, mutual trade between Kazakhstan and Malaysia stood at US$76.6 million with total exports to Kazakhstan worth US$76.2 million and imports valued at US$396,300,” she told Bernama.

Hence bilateral trade was largely in Malaysia’s favour, having registered exports of US$122.7 million to Kazakhstan in 2013 and US$105.2 million in 2014.

The main items imported by the country from Malaysia included electrical and electronic products, appliances and parts, palm oil, lubricants, rubber products, clothings and furniture.

On the other hand, Kazakhstan exported ferrous metals, surveying and measuring equipment, tools and pipe fittings to Malaysia.

In terms of foreign direct investment flow, Malaysia invested US$0.6 million in Kazakhstan in the first half of 2015.

After gaining independence in 1991, following thr dissolution of the Soviet Union, Kazakhstan started to build the nation by studying the experiences of other countries including Malaysia.

With the similarity of having a majority of Muslims, Kazakhstan which is the ninth largest country in the world, has conveyed its interest to emulate Malaysia’s socio-economic development.

The spokesperson said Kazakhstan was excited to welcome more people to invest in the country including from Malaysia. — Bernama