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KUALA LUMPUR: Malaysia and the United Arab Emirates (UAE) should further enhance their strong relationship, analysts said, noting that there is room for expansion in bilateral economic cooperation.
Dr Goh Yee San, chief consultant at the Malaysian Center for Pacific Studies, sees Malaysia and the UAE as shining examples of Muslim-majority countries that have achieved high levels of development for other countries with similar backgrounds.
“They should deepen and expand economic ties. Malaysia can learn a lot from the UAE in terms of establishing itself as a transport hub and a financial centre.
“The UAE can send more students to Malaysian universities. Trade in goods can also be improved. They can also join hands in diplomatic efforts,” he told Bernama.
Oh, who is also a senior fellow at the Singapore Institute of International Affairs, noted that both countries need to be bold and creative in fleshing out their friendly bilateral relationship.
“Strategic partnerships must be filled with substance, not just slogans,” he added.
According to the Ministry of Foreign Affairs website, the UAE and Malaysia enjoy good bilateral relations dating back to the early 1970s, after which both countries have diplomatic representations.
Malaysia opened an embassy in Abu Dhabi in January 1983 and upgraded its presence in the UAE to ambassadorial level in July 2000.
The UAE established an embassy in Kuala Lumpur in October 1995.
The ministry said that since September 27, 2022, the relationship between the two countries has been upgraded to a strategic partnership.
Geo-strategist Professor Azmi Hassan agreed that Malaysia and the UAE have always enjoyed friendly bilateral relations, with the total trade between the two countries relatively equal, although the trade balance favors the UAE.
“There is no significant difference in the trade balance between the two countries. The total trade between the two countries is increasing every year,” he said, adding that the UAE is one of Malaysia’s largest trading partners in West Asia.
Last year, the UAE was Malaysia’s second-largest export destination and second-largest source of imports among the West Asian countries, according to the ministry.
Total trade with the UAE rose 79.2 percent to RM32.57 billion (US$7.43 billion) from January to October 2022, compared to RM18.18 billion (US$4.40 billion) in the same period in 2021.
Nusantara Institute of Strategic Studies senior fellow said that currently the UAE has closer economic ties with Singapore, but Malaysia is better positioned to strengthen its position in the bilateral relationship.
“First, because we have expertise and logistical facilities comparable to Singapore, but our strengths are more cultural and religious.
“Emirati investors may prefer Malaysia over Singapore because of their familiar religious and cultural factors. With these advantages, we can make Malaysia a hub for UAE investors,” he said.
Prof Azmi said through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), Malaysia could also leverage on its status as a trade and investment hub for the UAE.
Meanwhile, the UAE itself is strengthening its presence in Malaysia and the Southeast Asian region through high-level delegation visits and showcases of its products and services at major events in the region.
Abu Dhabi-based EDGE, one of the world’s fastest growing advanced technology and defense groups, will be exhibiting at the 16th Langkawi International Maritime and Aerospace Exhibition (Lima ).
Malaysia has also made some inroads in the UAE’s oil sector.
In December, PETRONAS Abu Dhabi Sdn Bhd, a wholly-owned subsidiary of Petronas, signed an agreement with ADNOC to explore and evaluate a 2,000-square-kilometre concession in the Al Dhafra area.
The agreement brings PETRONAS’ unconventional expertise to the UAE.
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