Trade between GCC and Malaysia touches USD 11 billion in 2010
Trade between the GCC region and Malaysia reached USD 11 billion, according to a recent report coming from the Malaysia External Trade Development Corporation (MATRADE). UAE, in particular, has recorded over USD 6.418 billion of trade exchange with Malaysia, thereby affirming the latter’s developing role as a cost-competitive location for investors intending to set up offshore operations for the manufacture of advanced technological products for regional and international markets.
The continuing move to strengthen trade ties and exploring more business opportunities with emerging countries in the South East Asian region like Malaysia will be a key focus in this year’s edition of the Middle East Business Leaders Summit and Awards (MEBLSA) 2011, the region’s leading business leader’s forum, which will be held on April 17th – April 18th, 2011, at the Armani Hotel, Burj Khalifa.
Recent market reports have shown healthy growth in bilateral trade between UAE and Malaysia. In 2010, exports from Malaysia to UAE totalled USD 3.953 billion whilst imports from UAE to Malaysia reached USD 2.465 billion. Malaysia’s chief exports to UAE include electrical & electronic products, machinery, appliances & parts, jewellery, and palm oil. In return, the country imports crude petroleum & refined petroleum products, and chemicals & chemical products from UAE.
Now on its second year, MEBLSA has become a strategic platform for the region’s top corporate leaders and officials to discuss and share important and essential breakthroughs in today’s business world. The event also aims to facilitate the development of business leaders by providing opportunities for its members and guests.
“UAE has managed to be at the forefront of Middle East growth and development because of its continuous efforts to maintain strong business and trade relations with key emerging economies,” said Shahul Hameed, Chief Executive Officer, My Events International. “The increased trade not only reflects a healthy business relationship with emerging countries in the South East Asian region but also shows its eagerness to explore key investment and financial opportunities inside and outside of the Middle East region.
Respected organisations like the Federation of GCC Chambers and the Dubai Chamber of Commerce and Industry have announced their support for MEBLSA – adding strength to MEBLSA’s continuing efforts to call for the adoption of best practices across various industry verticals and helping discover and develop the region’s next generation of business leaders.”
Aside from exhibiting healthy trade exchange, Malaysia is also emerging as a key outbound destination for tourists coming from the Middle East region. Tourism figures have shown that a total of 250,000 visitors coming from the Middle East make their way to popular Malaysian destination every year. Gearing to be the investment destination for South East Asia, Malaysia has started to offer a wide spectrum of investment opportunities.
The technologically-inclined economy of Malaysia is proven through the country’s involvement in advanced electronics manufacturing, R&D, biotechnology, photonics, logistics, design, innovation and a highly automated manufacturing sector. The Malaysian government has also started to implement key initiatives and programs that aim to make Malaysia a hub for other value chain activities such as R&D, design and development (D&D), procurement, logistics, distribution and marketing, business support services and shared services.
“We thank the Dubai Chamber for its show of support for MEBSLA 2011. Their trust and confidence helps us in our efforts to provide the region’s business leaders with a strategic platform to discuss issues and develop solutions for the business sector, “said Shahul Hameed. “We are also looking towards helping in the development and training of the region’s new breed of business leaders – encouraging both the private and public sectors to equip themselves with new technology, business strategies and programs as a means to be more globally competitive.”
The theme for MEBLSA 2011 is ’Thriving Leadership and Sustainability of Business in the Middle East’ and will include key business networking sessions, lectures and workshops aimed at promoting the adoption of best practices across various industry verticals and help promote better leadership skills.
The forum aims to offer key advantages like learning best practices strategies and initiatives from outstanding practitioners in the market; increased quality of human capital in your organization or company and the creation of new human capital leadership.
One of the key concerns to be raised in the summit is the region’s growing population and rapid economic development and the impact it has left on resources, which has so far led to socio-economic implications like the depletion of water supplies, environmental pollution and an increased demand for public services. Other issues to be raised and discussed include the need to address the demand for more quality education in the region and the development and maintenance of human capital.