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In an exclusive interview with Khaleej
Times Shamsudin, the Consul General/Trade Commissioner
informed that Malaysia’s imports from the UAE
almost doubled in 2005, increasing by over 65.41 per
cent from $451.71 million in 2004 to $746.84 million.
UAE exports to Malaysia mainly consist of mineral fuel,
lubricants and related materials. Bellow are the excerpts
from the interview. |
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What has been
the recent trade trend between the UAE and Malaysia?
Shamsudin: The total trade between the UAE and Malaysia
in 2005 stood at $2.5 billion. Malaysia’s exports
to the UAE reached $1.84 billion in 2005, recording
an increase of 18.48 per cent compared to 2004 exports
valued at $1.55 billion. Products that registered
significant growth include jewellery, rubber products,
machineries & parts, vegetable oil, beverages
& tobacco and processed foods.
Jewellery accounts for 31 per cent of Malaysia’s
exports to the UAE, followed by electrical and electronic
products at 23 per cent, palm oil at 7 per cent and
wood products at 6 per cent.
Exports of palm oil have been volatile over the recent
years. In 2003, the value of palm oil exports peaked,
with a total share of the export market of 10.9 per
cent. By 2005, this share had almost halved to 5.7
per cent, a percentage drop on the previous year of
32 per cent. For the eight months to the end of August
its market share had increased to 6.5 per cent, an
upswing of 28 per cent on 2005. Conversely, crude
petroleum constitutes 50.7 per cent of Malaysia's
imports from the UAE, followed by refined petroleum
products at 25 per cent and manufactured metal products
at 11.1 per cent.
Malaysia’s imports from the UAE almost doubled
in 2005, increasing by over 65.41 per cent from $451.71
million in 2004 to $746.84 million. UAE exports to
Malaysia mainly consist of mineral fuel, lubricants
and related materials.
Crude petroleum, gold, aluminium and aluminium products
constituted 70.51per cent of the total UAE exports
to Malaysia, other products being petroleum products,
transport equipment, machinery and others.
The main products imported by the UAE from Malaysia
are gold and jewellery, wood and wood products, animal
and vegetable oils/ fats, automatic data processing
machines, heating and cooling equipment, prepared
foodstuff, machinery and transport equipment, electrical
and electronic goods and miscellaneous manufactured
goods (furniture, bedding, mattresses and others). |
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How active are Malaysian companies
in the UAE?
Shamsudin: During the last five
years, Malaysian companies have been establishing
an active presence in the UAE. At least five Malaysian
construction companies are involved in major ongoing
projects in the UAE, including Abu Dhabi and Dubai.
Currently, there are 35 Malaysian companies operating
in the UAE, involved mainly in trading, construction
and architecture.
Five years ago Malaysia officially opened its Trade
Office in Dubai and this year Malaysian companies
in the UAE are planning to launch the Malaysian Business
Council, which will initially have 10 members. |
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How many trade
and economic agreements have been signed between the
UAE and Malaysia?
Shamsudin: Malaysia
and UAE have signed five bilateral agreements:
1.Trade Agreement (26/2/1962)
2.Economic, Technical, Scientific and Cultural Operation
Agreements (25/1/1975)
3.Investment Guarantee Agreement (11/10/1991)
4.Air Services Agreement (4/5/1993)
5.Avoidance of Double Taxation Agreement (28/11/1995). |
