KUALA LUMPUR, Malaysia, Malaysia and Ukraine plan to ramp up trade promotional activities, in an effort to boost bilateral trade between both countries, said Malaysia External Trade Development Corporation (MATRADE) Deputy Chief Executive Officer, Wan Latiff Wan Musa.
He said MATRADE would capitalise on the improving political situation in Ukraine, one of the largest countries in Eastern Europe, with an estimated population of 42.41 million, as at 2017.
"We have to re-look at our trade relationship with Ukraine, as our bilateral trade figures are still low, given that Malaysian companies are not familiar with Ukrainian companies and vice versa. "Therefore, going forward, we have to engage more with them. We want to encourage Malaysian companies to go there," he told Bernama.
MATRADE and the Ukraine Embassy in Malaysia had recently jointly organised the Ukraine-Malaysia Business Forum, which saw the participation of 19 Ukrainian companies.
Wan Latiff said, MATRADE planned to organise a trade mission, made up of Malaysian companies and related government agencies, to Ukraine soon, with the aim of creating awareness among Ukrainian companies on business opportunities in Malaysia.
Diplomatic relations between both countries started in 1992, with a trade agreement signed in Aug, 2002.
In 2016, Malaysia's total trade with Ukraine declined to RM 715.2 million from RM 1.01 billion in 2015, and RM 1.19 billion in 2014.
Between Jan-Nov, 2017, Malaysia's total trade with Ukraine improved slightly to RM 844 million from RM 655.2 million in the same month of 2016, with export rising 26.1 percent to RM 432.3 million and import growing 31.8 percent to RM 411.7 million.
Major export items to Ukraine included palm oil and palm-based products, which accounted for 28.5 percent of the total share, electrical and electronic (e&e) products (21.6 percent) and processed food (14.4 percent).
As for import, major items included other vegetable oils, iron and steel products, processed food, e&e products, as well as, chemicals and chemical products.
Source: NAM News Network