Malaysia and Russia strengthen economic ties

[MALAYSIA] Malaysia and Russia are poised to strengthen trade and investment relations, aiming to streamline bilateral transactions and deepen economic collaboration during Prime Minister Datuk Seri Anwar Ibrahim’s official visit to Moscow, Malaysia’s Ambassador to Russia Datuk Cheong Loon Lai announced.

“Despite global challenges, it’s noteworthy that trade between Malaysia and Russia has continued to grow. This trend is not unique to Malaysia—Russia’s trade ties with several ASEAN nations, including Vietnam, have also seen considerable momentum,” Cheong remarked ahead of Anwar’s arrival in the Russian capital.

Malaysia’s major exports to Russia in 2024 included electrical and electronic goods, machinery and equipment, and processed food items. In contrast, imports from Russia largely comprised petroleum, minerals, and chemical-based products. This mutually beneficial trade structure reflects the complementarity of both economies and signals promising prospects for diversification and growth.

During the visit, Prime Minister Anwar is expected to hold high-level discussions with Russian President Vladimir Putin and Prime Minister Mikhail Mishustin. These talks will review the current state of bilateral ties and seek to expand cooperation across key sectors such as trade, investment, agriculture, education, aerospace, and energy. The leaders will also deliberate on regional and global developments of shared interest.

In a statement issued by Wisma Putra, Malaysia—set to chair ASEAN in 2025—will also explore opportunities to enhance engagement under the ASEAN-Russia Dialogue Relations framework. This initiative positions Malaysia’s economic outreach to Russia as part of a broader regional strategy to elevate ASEAN’s collective partnership with Moscow.

Ambassador Cheong highlighted Malaysia’s strategic approach of fostering diverse international partnerships to navigate global uncertainties and build a more resilient trade ecosystem. This underscores the government's focus on economic diversification to strengthen Malaysia’s economic security.

As of 2024, Russia ranked as Malaysia’s ninth-largest trading partner in Europe, with bilateral trade reaching RM11.46 billion. While this figure underscores existing economic ties, it also points to untapped potential, particularly in improving payment systems and easing trade logistics to facilitate smoother transactions.