KUALA LUMPUR: Trade between Malaysia and Kazakhstan stood at RM480 million for the first 10 months of 2022 with exports valued at RM475 million and imports worth of RM5 million, said Malaysia External Trade Development Corporation (Matrade).
Matrade director of Central, West, South Asia and Africa Section Idzham Abdul Hamid attributed the 52.3% increase in total exports to electrical and electronic products (E&E), palm oil and agriculture sectors.
“Meanwhile, we import metal, transport equipment and chemical and chemical products from Kazakhstan,” he told reporters after a Kazakhstan Business and Investment Forum here today.
In 2021, Malaysia’s trade with Kazakhstan reached RM407.5 million, with exports valued at RM363 million and imports at RM44.5 million, said Idzham in his welcoming remarks.
Malaysia’s top five major exports to Kazakhstan comprised E&E, rubber products, agriculture produce, palm oil-based manufactured products and palm oil-based agriculture products.
“After the Covid-19 pandemic and the reopening of Malaysian borders, we foresee that (our) trade with Kazakhstan will continue to increase.
“Among the potential sectors include halal products, food and beverages (F&B), education and renewable energy,” he said.
Idzham said Matrade has identified Central Asia as a new market for expansion, and Kazakhstan as a regional hub for Malaysian exporters.
Commenting on the trade links between both countries, Kazakhstan ambassador to Malaysia Bulat Sugurbayev said the situation is getting better compared with 2020 when the Covid-19 pandemic emerged.
“The year 2020 is the worst but last year it (trade) started to climb slowly. We were cautiously optimistic about this year. Of course, we can not predict (the future) but we will try to promote business opportunities for both countries.
“We will see the numbers grow naturally as the Malaysian economy has already reopened. We are looking forward to resume trade and business connectivity,” Sugurbayev said.
He added that Malaysia’s financial sector could be a potential sector to be expanded into Kazakhstan, particularly Islamic finance. “Kazakhstan has developed the financial technology (fintech) sector well while Malaysia has Islamic financing, which Kazakhstan lacks.”
He said Malaysia’s financial sector can use Kazakhstan as a springboard to expand its competency in Islamic finance regionally.
Sugurbayev also said there is a Malaysian legal firm CSQlaw Kazakhstan to help Malaysian companies kick-start their business there.
CSQ Network Sdn Bhd CEO Suji Nordin told Bernama that the company assisted several Kazakhstan companies to complete their business deals in Malaysia with Matrade’s help this year.
“Wth our good connection with the Malaysian government, especially with Matrade as well as CSQlaw, we can assist Malaysian companies seeking to do business in Kazakhstan, and vice versa.”
Suji said CSQlaw Kazakhstan, the first Southeast Asian legal firm to open their office in Astana, is owned by Malaysian company The Chambers of Shamsul Qamar in Kuala Lumpur. – Bernama
