Brasilia: Malaysian companies must be willing to explore new markets and trading opportunities overseas. In making the call, Prime Minister Datuk Seri Anwar Ibrahim said they must not solely rely on traditional markets, but instead venture into new ones. Anwar said platforms like the BRICS offer enormous opportunities, and praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.
According to BERNAMA News Agency, Anwar, who is in Brazil at the invitation of President Luiz In¡cio Lula da Silva to attend the 17th BRICS Leaders’ Summit, noted that Lula was surprised to see Malaysian companies doing business in the country. “I mentioned Yinson and Petronas to him, and their role in Brazil. He was surprised and asked for more details,” Anwar stated at a dinner hosted by Yinson Production. Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz and Yinson Holdings Bhd executive chairman Lim Han Weng were also present.
Yinson, an independent owner and operator of floating, production, storage and offloading (FPSO) vessels, has been involved in three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria, and FPSO Atlanta. Meanwhile, Petronas has ventured into oil production in Brazil and opened a petrol station last year.
Anwar, who also serves as the Finance Minister, emphasized that while Malaysia’s biggest markets and sources of investment are the United States and China, there are opportunities beyond them. He has instructed Zafrul to facilitate and offer assistance to Malaysian companies doing business in Brazil. Anwar highlighted Brazil’s emergence as a significant economic power and a voice of the third world.
In his meeting with Lula da Silva, Anwar discussed various issues of mutual importance. Lula has accepted Anwar’s invitation to visit Malaysia during the ASEAN Summit in October, where he plans to bring key ministers and business groups. A special conference will be held, with both leaders jointly addressing the event.
Malaysia participated in the BRICS Leaders’ Summit as a partner country and as ASEAN chair 2025, officially becoming a BRICS partner country on January 1, 2025. Bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, up from RM17.43 billion in 2023, establishing Brazil as one of Malaysia’s main trading partners in Latin America.