Malaysia and Russia have committed to strengthening bilateral economic cooperation, with a focus on the halal industry, agriculture, food security and emerging technologies, Deputy Prime Minister (DPM) Datuk Seri Fadillah Yusof announced following a four-day working visit to Moscow.
According to Bernama, Fadillah said bilateral trade between the two countries reached RM11.46 billion (US$2.48 billion) in 2024, with Russia ranking as Malaysia’s ninth-largest trading partner in Europe. Despite the modest volume, both sides see significant untapped potential.
Malaysia’s key exports to Russia currently include electrical and electronic products, machinery and processed food, but Fadillah encouraged deeper Russian investment in strategic areas such as aerospace, agrotechnology, energy, ICT, Islamic finance and the halal economy.
“I invited Russian companies to leverage Malaysia’s investment-friendly environment and government incentives across critical growth sectors,” he said during a press conference on June 27 night.
Fadillah, who also serves as Minister of Energy Transition and Water Transformation, proposed enhanced collaboration in agricultural research and development, specifically in fertiliser and pesticide innovation, agro-engineering and food technology.
On education, he expressed appreciation for Russia’s scholarships to Malaysian students and urged for their extension to future-focused fields like artificial intelligence, big data and information science to align with Malaysia’s industrial transformation goals.
The DPM also welcomed a proposal for direct flights between Malaysia and Russia, a move expected to strengthen tourism and business ties.
However, Fadillah acknowledged that financial transaction hurdles remain a concern. “Russia raised the issue of financial barriers affecting trade,” he noted, adding that Malaysia, through agencies like Bank Negara Malaysia, will work to ensure smoother financial flows between both countries.
