UAE pledges five-fold trade rate with Malaysia - Muhyiddin

ABU DHABI: The United Arab Emirates (UAE) has stated its commitment to increase investment and trade with Malaysia up to five times.

The Prime Minister, Tan Sri Muhyiddin Yassin said, the commitment was expressed by the Crown Prince of Abu Dhabi who is also the Deputy Prime Minister of the UAE, Sheikh Mohamed Zayed Al Nahyan here.

“In terms of trade and investment, the term used by the Crown Prince is sky is the limit.

"I discussed further on bilateral trade and he agreed to increase it by five times from the current figure of almost US $ 3 billion. No deadline has been set, "Muhyiddin told a press conference at the end of a six -day official visit to West Asia.

Meanwhile, in terms of investment, the UAE also pledged to increase investment in Malaysia.

"He explained that if the UAE can invest large amounts in China, India and Pakistan, why not invest large amounts in Malaysia," he said.

The agreement was reached during Muhyiddin's meeting with Sheikh Mohamed in Abu Dhabi on Wednesday.

Muhyiddin also described the response given as very extraordinary with all the proposals submitted being accepted directly by the UAE.

"The response given is very unusual showing the determination of the Crown Prince and the UAE to increase investment in Malaysia," he said.

The Prime Minister said a detailed study would be carried out immediately including listing areas of interest that required UAE investment before being tabled.

Muhyiddin said this large investment if realized immediately, would drive Malaysia's economic growth and provide huge employment opportunities during the current difficult period of the pandemic.

In terms of trade, Muhyiddin said the UAE had agreed to increase purchases of Malaysian palm oil.