Friday, August 18, 2017 - 16:01:50

AEC to boost Malaysia's trade ties with Russia

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The establishment of the ASEAN Economic Community (AEC) by year-end during Malaysia's chairmanship will boost trade ties between Russia and the ASEAN countries, particularly Malaysia, by offering more possibilities for new projects, said a Russian diplomat.

Russian Ambassador to Malaysia Valery N. Yermolov said the Russian-ASEAN Business Council has big plans in the pipeline to bring in prominent Russian businessmen to visit Malaysia at the end of August to further explore business opportunities, including in information and communications technology as well as nuclear and defence technology.

"The council wants to develop practical ties with Malaysia and I will do everything I can to enhance our trade relationship that reached 3.3 billion USD last year, a 22 percent growth, which we are very satisfied with," he said during his visit to the headquarters of the Malaysian News Agency Bernama on May 6.

The Russian business delegation, comprising 30-40 officers and businessmen, will be headed by Economic Development Minister Aleksey Ylukaev.

Yermolov also expressed hope that there would be another visit in November.

Russia's exports to Malaysia are dominated by chemical fertilisers and other chemical products, rolled metals and metal products.

Malaysia's exports to Russia consist of home electrical and electronics appliances, palm oil and palm oil products, plastics, cocoa powder and cocoa butter.-VNA
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