Malaysian Companies Have Strong Presence In UAE - M'sian Deputy PM

From Ahmad Shukran Shaharudin ABU DHABI (UAE), May 8 (Bernama) -- Malaysian companies have a strong presence in the United Arab Emirates (UAE) market, Muhyiddin Yassin said here. He said the Arab state continues to be the preferred location in West Asia for Malaysian companies due to its conducive business environment. The Malaysian deputy prime minister said bilateral trade and investment ties between Malaysia and UAE have been strengthening over the years and given UAE's strength, there are potential for collaborations in the field of oil & gas, financial services and healthcare, among others. He said many Malaysian companies have undertaken projects in the construction of roads, ports, airports, highways, bridges, residential and commercial buildings, and power generation in the region. "Malaysia's strong foundation in Islamic finance, halal products and health tourism also offers partnership opportunities for UAE companies," he said during the roundtable meeting with Malaysian and UAE captains of industry, Tuesday. Present were President of Abu Dhabi Chamber of Commerce and Industry Mohammed Thani Murshed Ghannam Al Rumaithi; Deputy Minister of International Trade and Industry Malaysia Mukhriz Mahathir; and Abu Dhabi Chamber of Commerce Industry First Vice Chairman Khalfan Saeed Al Kaabi. "For companies present here today, which are at various stages of decision making, let me reiterate, the Malaysian Government will be your partner to assist you to locate in Malaysia," he said. Muhyiddin also assured that for those (UAE companies) who already had a presence in Malaysia, the government will continue to ensure the environment of doing business remain conducive to enable them to continue to expand and diversify operations. "We are very excited by the economic dynamism arising from the various initiatives that the Malaysian government is putting in place for private investors. "We would very much like to invite you to join us in ensuring the success of these initiatives and share the fruits of our endeavour," he added. Trade between Malaysia and UAE has been on the uptrend, from US$6.1 billion in 2010 to US$6.8 billion in 2011, an increase of 6.4 per cent. In 2011, UAE was Malaysia's largest trading partner and export destination within Gulf Cooperation Council (GCC) and second largest source of imports within GCC. In terms of investments, UAE investments into Malaysia were mainly in financial & insurance, constructions and manufacturing sectors. As at Dec 31, 2011, investments in implemented projects in the manufacturing sector from UAE amounted to US$108.78 million (RM332.5 million). Earlier, Muhyiddin witnessed two Memoranda of Understanding (MoU) signing ceremony between Malaysian and UAE companies. The MoU between Gading Kencana Sdn Bhd (Gading Kencana) and LIWA Emirates Solar Energy entails the appointment of LIWA Emirates as the sole agent to distribute Gading Kencana products in the energy conservation and renewable energy system and products. The estimated value for the project is RM70 million for two years. MBM Dagang Sdn Bhd and Liwa Chemicals For Petroleum and Industry Supply Est (Liwa) also signed an MoU which the estimated value is RM31.5 million for five years period. Liwa will be appointed as the exclusive distributor to market MBM Dagang products such as protective industrial and safety clothing for oil and gas industry for the UAE market. (US$1 = RM3.05) -- BERNAMA