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Business news

20 Dec 2016

Trade named major area of work for Belarus and Malaysia

MINSK, 20 December (BelTA) – Trade development should become a major area of joint work for Belarus and Malaysia, Belarus’ Prime Minister Andrei Kobyakov said as he met with Speaker of the House of Representatives of Malaysia’s Parliament Pandikar Amin Mulia on 20 December.

“In 2015 the trade between the two countries was almost $160 million. We believe it to be only the beginning. Joint implementation of big projects is a good chance to strengthen our cooperation. We consider trade cooperation to be the major area of joint work. We have the potential to increase it significantly in the coming years,” the PM stressed.

Trade named major area of work for Belarus and MalaysiaAccording to Andrei Kobyakov, it is important for the two countries to establish counter deliveries. “We invite our partners to develop mutually beneficial cooperation, support joint projects to deliver rubber and Malaysian traditional agricultural products to our market,” he explained. According to the Premier, Belarus is among the world’s leading producers of equipment, the country with its own unique experience and technologies. “We are ready to supply Malaysia with the whole range of our engineering products. The deliveries of potash fertilizers are another promising area of cooperation. We are ready to meet Malaysia’s needs in full, including on long-term mutually beneficial contracts. We hope that with your support and participation we will be able to establish robust communication channels with Malaysian partners to advance Belarusian products to your country,” he said addressing the Speaker of the House of Representatives of Malaysia’s Parliament.

Andrei Kobyakov also noted that sci-tech cooperation can also be seen as a promising area of joint work. The two countries could start from projects in biotechnologies, microbiology, laser optics and new materials. “The intergovernmental Belarusian-Malaysian commission on trade and economic cooperation can serve as an important and effective instrument in the development of bilateral relations. We need to speed up its formation in order to get down to work. We also need to accelerate our work on the intergovernmental agreement on economic, sci-tech and cultural cooperation which envisages the setting up of the abovementioned commission. A lot is to be done. I am confident that with joint efforts we will be able to take our relations on a qualitatively new level,” he said.

Trade named major area of work for Belarus and MalaysiaThe PM stressed that Belarus views Malaysia as an important and promising partner in Southeast Asia, a respected participant in international relations, and one of the ASEAN leaders. “Intensification of contacts between our states at all the levels creates a solid basis for mutually beneficial cooperation. Belarus and Malaysia have similar viewpoints on the key issues of the international agenda,” Andrei Kobyakov said.

Diplomatic relations between Belarus and Malaysia were established on 5 March 1992.

In 2015 Belarus’ merchandize export to Malaysia amounted to $110.5 million. Belarus had a $65.1 million surplus in trade with Malaysia. In January-October 2016 the bilateral trade was $130.9 million. Export totaled $85.6 million; import came at $45.3 million. Malaysia is an important partner of Belarus in South-East Asia, and was ranked 25th in terms of Belarusian exports in 2015. Potash fertilizer accounts for 99% of Belarusian total export. Malaysia also imports the products of the Belarusian petrochemical industry, and also tires, measuring instruments, equipment and food. Trial shipments of mixed mineral fertilizers made by OAO Gomel Chemical Plant and malt by OAO Belsolod were sent to Malaysia in 2016. As Malaysia is actively developing its agriculture sector, there are prospects for increasing supplies of the Belarusian potassium chloride and resuming the export of agricultural machinery to that country.

Malaysia’s major export items to Belarus are rubber, clothing and products made of rubber, integrated circuits, electrical equipment, fats and oils, pneumatic tools, optical elements.

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