Moscow: Malaysia and Russia will deepen economic cooperation, particularly in high-potential sectors such as the halal industry, agriculture, and food security, Deputy Prime Minister Datuk Seri Fadillah Yusof announced. Fadillah emphasized that despite Russia’s large economy, bilateral trade between the two countries remained modest in 2024.
According to BERNAMA News Agency, Russia ranked as Malaysia’s ninth-largest trading partner among European nations this year, with total trade amounting to RM11.46 billion (US$2.48 billion). Malaysia’s principal exports to Russia include electrical and electronic products, machinery, equipment and parts, as well as processed food.
The Deputy Prime Minister invited Russian companies to invest in Malaysia and leverage the government’s incentives in strategic sectors such as aerospace, agrotechnology, energy, ICT, the digital economy, Islamic finance, and the halal industry. He made these remarks during a press conference concluding his four-day working visit to Russia.
Fadillah, who also serves as the Energy Transition and Water Transformation Minister, called for collaboration in agriculture and food security and proposed joint research and development in areas like fertiliser and pesticide technologies, agro-engineering, and food technology. He expressed gratitude to the Russian government for its scholarships to Malaysian students and suggested extending these to emerging sectors such as artificial intelligence, big data, and information science.
On the tourism front, Fadillah mentioned that Malaysia welcomed a proposal for direct flights between the two countries, which is anticipated to be finalized soon. However, he noted that concerns over financial transactions raised by Russia had somewhat hindered the growth of bilateral trade. He assured that the Malaysian government, through relevant agencies including Bank Negara Malaysia, would continue to support smooth financial transactions between the two nations.
Fadillah concluded by stating that he would present the outcomes of his discussions with Russian counterparts to the Cabinet upon his return to Malaysia, expressing confidence that Malaysia-Russia cooperation will continue to develop positively and yield tangible benefits for Malaysia.