1706428306
Abu Dhabi – Mubasher: The Ministry of Investment of the United Arab Emirates and the Ministry of Investment, Trade and Industry of Malaysia have signed a memorandum of understanding with the aim of establishing a framework for investment cooperation in the field of digital infrastructure, particularly in data centers in Malaysia.
The Memorandum of Understanding, in its initial phase, aims to advance digitalization in various key sectors and accelerate the adoption of modern technologies and digital solutions to achieve a broad strategic objective of increasing productivity and efficiency across various industries and sectors press release published today.
The memorandum focuses on building strong and effective cooperation by strengthening bilateral relations between government and private institutions and proposes to create incentives to support joint initiatives and exchange experiences and knowledge.
Mohammed Hassan Al Suwaidi, UAE Minister of Investment, said: “This memorandum supports our joint cooperation in a key area that plays an important role in highly flexible economic development.”
He added: “The planned expansion of data centers in the Kingdom of Malaysia will strengthen its position as one of the leading locations for data center projects in the Southeast Asia region, thereby providing institutions and companies in various sectors with a solid foundation for digital transformation.”
For his part, Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Aziz said: “This collaboration will help strengthen our position as a digital investment destination.”
Last September, Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, received Tengku Zafar Tengku Abdul Aziz, Minister of Investment, Trade and Industry of Malaysia, who is visiting the country at the head of an official delegation, which includes a group of high-level officials Official aiming to deepen trade and investment ties.
During the meeting between the two sides, the latest developments in the talks aimed at reaching a comprehensive economic partnership agreement between the UAE and Malaysia, for which a memorandum of understanding was signed last May, were discussed.
Non-oil trade between the UAE and Malaysia increased by 9 percent to 17.6 billion dirhams by the end of 2022, compared to 16.06 billion dirhams by the end of 2021, a growth rate of 36 percent from 12.917 billion dirhams in the year 2020 corresponds to 8.2 billion dirhams recorded in the first half of this year.
The UAE is Malaysia’s second largest trading partner in the Arab world, accounting for 32 percent of total trade with Arab countries, while Malaysia ranks eighth among non-Arab Asian countries in receiving UAE exports and 19th in re-exports globally. position stands.
To trade and invest on Gulf exchanges, click here
Follow the latest stock and business news via our Telegram channel
Nominations:
UAE approves establishment of investment ministry
#memorandum #understanding #enhance #cooperation #UAE #Malaysia #field #digital #infrastructure