KUALA LUMPUR: Malaysian companies are encouraged to explore the vast opportunities offered by Russian businesses, particularly in digitalisation and information technology (IT), said Roscongress Foundation. Chief Executive Officer Alexander Stuglev emphasized that with Russia’s extensive experience in digitalisation and IT, the country could offer Malaysia cutting-edge solutions in areas such as cybersecurity, software development, and telecommunications.
According to BERNAMA News Agency, Stuglev highlighted the potential for collaboration between Russia and Malaysia in the renewable energy sector. Malaysia aims to produce 70% of its electricity from renewable energy sources by 2050, while Russia is ready to share its expertise in developing wind, solar, and hydropower energy. Despite global challenges, the partnership between Malaysia and Russia continues to flourish, with notable growth in trade, finance, and energy cooperation. In 2023, trade turnover between Russia and Malaysia rose by 11% to US$3.11 bil
lion compared to US$2.79 billion in 2022.
Malaysia’s exports to Russia grew by 13% to US$619.3 million in 2023, while Russia’s exports to Malaysia increased by 10.8% to US$2.49 billion. Exports in the electric and electronics sector skyrocketed by 96.9% to US$154 million, with industrial goods remaining the foundation of Malaysia’s exports, increasing to US$575.1 million in 2023 from US$499.3 million in 2022. Imports from Russia rose to US$2.05 billion in 2023 from US$1.4 billion in 2022.
Prime Minister Datuk Seri Anwar Ibrahim at Kazan’s recent BRICS Summit highlighted that Malaysia’s BRICS membership strengthens its trade and economic cooperation with Russia and other alliance members. The membership provides access to the markets of member countries, including Russia, thereby boosting exports and imports. The alliance actively promotes investment cooperation among its members, enabling Malaysian companies to explore opportunities in Russian projects related to energy, infrastructure, and technology. Conv
ersely, Russian investors can consider projects in Malaysia, particularly in high-tech and manufacturing sectors.
Stuglev noted that both countries have substantial experience in the energy sector, with significant potential for joint projects in oil, gas, and renewable energy within the BRICS framework. The Roscongress Foundation is committed to facilitating collaboration via key events such as the St. Petersburg International Economic Forum (SPIEF) and the Eastern Economic Forum (EEF), which serve as platforms to discuss BRICS cooperation, foster business connections, advance joint projects, and formalize agreements between Malaysian and Russian companies.
Stuglev also mentioned the Strategic Programme of Trade and Investment Cooperation “Russia-ASEAN” set to be signed in 2025. The document will introduce new areas of collaboration and clear indicators to evaluate the effectiveness of joint projects, building on the current 2021-2015 roadmap. Economic relations between Russia, Malaysia, and ASEAN have sig
nificant potential for active growth over the next five years, with active engagements in trade, investment, digitalisation, creative economy, and tourism over the past year. Climate cooperation has also become a key focus area, with Russia and ASEAN holding their first expert consultations on climate in August, planning to continue such meetings regularly.
In 2023, Russia’s trade turnover with ASEAN countries rose by 14.6%, reaching a record high of US$22 billion. This growth continued into 2024, rising to US$17 billion year-to-date, reflecting a strong mutual interest and readiness to deepen collaboration.