Abu Dhabi: The UAE Ministry of Investment has announced a significant Memorandum of Understanding (MoU) with Malaysia's Perak State Development Corporation. This agreement aims to bolster co-operation in food security and advance the development of the Bagan Datuk International Sea-Hub Multipurpose Terminal in Perak.
According to Bahrain News Agency, the MoU was signed by Mohamed Hassan Alsuwaidi, the UAE Minister of Investment, and Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of the Malaysian corporation. This initiative builds upon the Comprehensive Economic Partnership Agreement instituted between the two nations in January, targeting investment opportunities that enhance global supply chains and sustainable development.
Economic ties between the UAE and Malaysia are on an upward trajectory, with non-oil bilateral trade reaching US$4.9 billion in 2023 and US$4 billion in the first nine months of 2024. These figures underscore the UAE's standing as Malaysia's second-largest trading partner in the Middle East.