Russia Invites ASEAN Investors To Explore Russian Far East

By Azlee Nor Mahmud KUALA LUMPUR, May 19 (Bernama) -- Russia is inviting ASEAN investors, especially from Malaysia, to explore the vast opportunities in the Russian Far East and Siberian regions. Russian Ambassador to Malaysia Valery N. Yermolov said the regions, rich in natural resources, offer huge potential for development, especially in oil and gas. "We are keen to establish joint-ventures with investors from ASEAN member states to develop these regions. We want to see new factories and plants in there," he told Bernama. The interview was in conjunction with the ASEAN-Russia Summit in Sochi, Russia. Malaysian Prime Minister Najib Razak is among the ASEAN leaders attending the two-day summit from Thursday. Yermolov said Russia also wanted to expand economic relations with ASEAN member states to leverage on the region's huge market of more than 600 million people. "There are a lot of opportunities here for the Russian business community to explore, such as in the agricultural sector, in which we can offer our technology to enhance production. "At the same time, ASEAN can market its fresh produce such as fruits in Russia," he added. Yermolov said cooperation in the field of science and technology is expanding since Russia became ASEAN's dialogue partner, adding, other areas of cooperation include security, education, as well as, research and development in medical sciences. He said last year, bilateral trade between Malaysia and Russia stood at US$2.7 billion, a slight decline compared to 2014's US$3.3 billion, due to the current global economic situation. "We imported machinery, electric and electronic products, palm oil and latex from Malaysia, while our exports comprised oil and gas products and fertiliser," he added. --BERNAMA