January 8, 2023
1 min read

Malaysia, Indonesia eye expansion of trade

Within the Association of Southeast Asian Nations, Indonesia is Malaysia’s second-largest partner in trade and the third-largest source of foreign direct investment…reports Asian Lite News

Kuala Lumpur, Jan 9 (IANS) Malaysia aims to boost bilateral trade with neighbouring Indonesia, including cross-border investments, in a number of key sectors, a Malaysian official said.

Among areas of interest are pharmaceuticals, aerospace, palm-oil processing, consumer goods, as well as defence and security, International Trade and Industry Minister Tengku Zafrul Tengku Abdul Aziz said in a statement on Sunday.

These were reflected in nine Memorandums of Understanding (MoUs) between Malaysian and Indonesian companies, with a total potential investment value of more than 1.6 billion ringgit ($363 million), he added.

Malaysian Prime Minister Anwar Ibrahim is currently on a two-day official visit to Indonesia from Sunday to Monday, his first tour abroad since assuming office last November, with trade being high on the agenda.

Within the Association of Southeast Asian Nations, Indonesia is Malaysia’s second-largest partner in trade and the third-largest source of foreign direct investment.

Total trade between the two countries was nearly $23 billion in 2021, a 45.5 per cent year-on-year increase compared to 2020.

For the period of January to November 2022, the bilateral trade between both countries had already exceeded $27 billion, nearly 33 per cent more than the corresponding period in 2021.

ALSO READ: Vice Chief of Army Staff on 3-day Malaysia visit

Previous Story

Sweden to join European Sky Shield Initiative

Next Story

Lanka, Thailand to begin 3rd round FTA talks

Latest from -Top News

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

Reeves urged to break manifesto pledges

Chancellor under pressure as £40bn fiscal gap looms, with critics warning against a “pasty tax” budget of piecemeal revenue raisers…reports Asian Lite News Rachel Reeves is facing growing unease inside Labour’s ranks
Go toTop

Don't Miss

Navy Chief in Indonesia to discuss stronger op collaboration 

The visit underscores the strong maritime relations between the two

India, Malaysia Discuss Cyber security, Defence Ties

MoD said that Malaysia has expressed confidence in the capability