Ukraine To Take Advantage Of Malaysia's Expertise In Manufacturing, Says Second Int'l Trade And Industry Minister

KUALA LUMPUR, Aug 4 (Bernama) -- Ukraine should take advantage of Malaysia's experience and expertise in the manufacturing sector, says Second International Trade and Industry Minister Ong Ka Chuan. "As a key part of the global value chain, the Malaysian manufacturing industry offers a diverse range of products including intermediate components which can support the Ukrainian manufacturing industry. "Malaysia is also keen to export our services, the quality of which had been proven in other overseas markets," he said at the Malaysia-Ukraine Business Forum and Luncheon 2016 here Thursday. Present was President of Ukraine Petro Poroshenko. The business luncheon, organised by National Chamber of Commerce and Industry (NCCIM) and the Embassy of Ukraine in Malaysia, is part of Poroshenko's three-day visit to Malaysia, which began Wednesday. Ong said there were currently Malaysian companies and entrepreneurs which had established their presence in Ukraine through successful business collaboration in agriculture, machinery and helicopters parts as well as supply of LED lightings. "The investment numbers may be small for now but there is potential for growth. "I hope this event today (Thursday) will encourage more Ukrainian businesses to consider Malaysia as an investment destination," he added. In 2015, Malaysia exported US$102.28 million (RM414.6 million) worth of palm oil to Ukraine, followed by processed food (RM55.5 million) and chemical products (RM43.9 million) while Malaysia's two biggest imports from Ukraine were wheat (RM177.4 million) and sunflower oil (RM98.1 million). (US$1 = RM4.05) However, total trade with Ukraine declined 15.8 per cent last year to RM1.01 billion from RM1.2 billion in 2014, largely due to the challenging external economic environment. Meanwhile, NCCIM Vice-President Jalilah Baba said the business luncheon would provide a window for Malaysian companies to understand the challenges and opportunities available in Ukraine. "We hope efforts can be undertaken in the future to further promote bilateral trade through closer relations between our respective business communities. "Perhaps the next step for Malaysia is to gauge the need for the establishment of a dedicated Malaysia-Ukraine business council to encourage further trade and investment activities through direct contact between both countries," she added. -- BERNAMA