MATRADE Moves to Find New Trade and Investment Opportunities in Russia

Mr. Greogy Petrov, Vice President of the Chamber of Commerce and Industry of the Russian Federation (seated, third from left) giving his opening remarks. 

Dr. Wong Lai Sum, Deputy CEO of MATRADE led a Malaysian business delegation to the Russian Federation in efforts to look at new trade and investment opportunities emerging from the economic recovery in Russia. The 12-member delegation which would be in Russia until 17 October 2009, saw the participation of Malaysian trade members from the automotive, processed foods and furniture industry, three key sectors that MATRADE believes to have the most potential for cooperation and collaboration between Malaysian and Russian businesses.

In her opening remarks during the Malaysia-Russia Business Roundtable held on 12 October 2009, Dr. Wong indicated that the Malaysian business people is interested towards establishing meaningful cooperation and collaboration with the Russian partners rather than looking at only increasing one-way trade. In his reply speech, Mr. Greogy Petrov welcomed the initiative and indicated that Russia is also open for cooperation with Malaysians business entities towards improving bilateral trade. He added that Russia also looks forward to expand the bilateral investment in the areas of nuclear cooperation, power generation as well as oil and gas.

The MATRADE delegation would depart for St. Petersburg on 14 October 2009 for the second-leg of its Russian business mission. It is expected that another business roundtable would be organised as well as one-to-one business meetings with potential business partners.

For the record, Malaysia and Russia achieved its highest bilateral trade figure in 2008 with overall trade amounting to USD 1.35 billion, making it the third largest ASEAN trading partner after Thailand and Vietnam. Apart from trade, Malaysian companies have major investments such as in the area of timber extraction in the Khabarovsk region via Rimbunan Hijau as well as wafer manufacturing in the Zelenograd region via Kedah Wafer Emas.