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Malaysia’s private sector urged to explore in UAE

ABU DHABI — UAE Minister of Foreign Trade Shaikha Lubna Al Qasimi attended on Wednesday a ceremony organised by the Malaysian Business Council in Dubai for presentation of Business Awards to Malaysian Companies in the UAE.

In her keynote speech, Sheikha Lubna praised the growing commercial cooperation between the two countries.

“Just a few months ago I was at the 2010 Malaysia Services Exhibition in Dubai where I was very impressed by the high level of commercial exchange between our nations. Tonight is an excellent opportunity to recognise the valuable contributions of Malaysian companies in enhancing the United Arab Emirate’s business landscape and to celebrate the long-standing partnership between our two countries which has helped us attain considerable mutual growth,” she said.

“Before anything else I would like to commend the Malaysian Business Council of the UAE for organising tonight’s activities and playing a key role in advancing Malaysian business interests in our country. I would also like to applaud the Malaysia External Trade Development Corporation, or MATRADE, for its exceptional efforts to draw global interest to Malaysia’s world-class products and services. Through your hard work Malaysia has blossomed into one of the largest economies in Southeast Asia and will continue to grow into a major force in global trade.

At the 2010 Malaysia Services Exhibition I called on the business communities of our countries to strengthen their strategic alliances as we further diversify our respective economies. I echo this sentiment today, and hope that we can extend the scope of our partnerships even further towards other growth areas such as alternative energy, Islamic finance, and tourism.”

Shaikha Lubna said there are currently 165 Malaysian companies actively operating in the Emirates that are mainly involved in trading, construction and architecture, in addition to the many others operating in the UAE’s Free Zones.

These companies have been collectively involved in multi-billion dollar contracts in value such as the Burj Dubai, Al Reem Island and Atlantis – The Palm Dubai.

“Their presence in the Emirates reflects our status as Malaysia’s biggest trading partner in Western Asia. Last year, our country’s non-oil trade with Malaysia accounted to %2.9 billion, and the UAE will continue to provide the kind of business environment that has facilitated the success and growth of our Malaysian and other foreign partners,” she noted.

“I particularly encourage our present and future partners to take advantage of our numerous business and economic incentives, including our many world-class free zones; our proximity to major European and Asian markets; 100 per cent repatriation of capital and profits; ample sources of raw materials; inexpensive energy; zero corporate profit and personal income taxes; and a business-friendly regulatory environment.”

Shaikha Lubna urged Malaysia’s private sector to explore opportunities in the UAE in emerging fields such as electronics manufacturing.

“Our country’s first chip manufacturing zone will be built in Abu Dhabi within the next five years so hopefully we can build up our capabilities in this sector. As the host country to the International Renewable Energy Agency, we also aim to become a global hub for sustainable energy research and development. Malaysia can support our growth in this field through its growing capabilities in ‘green’ solutions related to building management, renewable energy and power generation, waste water treatment, and recycling.”

She congratulated the awardees, saying : “Business success does not happen overnight: it is the result of careful planning, persistence, patience and efficient management. The UAE is pleased to do business with Malaysian companies such as these that are driven by the desire to excel and who are highly committed to making valuable contributions to our country’s progress. You truly deserve recognition and we hope that you will continue with your good work.”

Yahaya Abdul Jabar, Ambassador of Malaysia to the UAE, said the two-way trade between the two countries rose by four fold between 2002 and 2009 to reach $5.6 billion. —