logo
Malaysia, Russia To Explore Ways To Beef Up Trade, Investment And Enable Seamless Transactions

Malaysia, Russia To Explore Ways To Beef Up Trade, Investment And Enable Seamless Transactions

Barnama13-05-2025

BUSINESS
Malaysian Ambassador to Russia Datuk Cheong Loon Lai holds a press conference in conjunction with Prime Minister Datuk Seri Anwar Ibrahim's four-day official visit to Russia beginning today (May 13).
From Sharifah Hunaini Syed Ismail
MOSCOW, May 13 (Bernama) -- Malaysia and Russia will explore ways to beef up trade and investment linkages while enabling seamless transactions between them to strengthen economic ties and cooperation during Prime Minister Datuk Seri Anwar Ibrahim's visit to Russia, Malaysia's Ambassador to Russia, Datuk Cheong Loon Lai, said Monday.
'The issue of payments was also discussed when the Prime Minister visited Vladivostok (for the Kazan Economic Forum) last year. I think both sides are very much engaged in finding ways (to facilitate seamless transactions and bolster trade relations).
'Interestingly, despite the challenges, trade between the two countries has been on an uptrend. Not only with Malaysia but trade and businesses between Russia with other countries in ASEAN have also been on the rise,' Cheong said.
He cited how Russia and Vietnam have had vibrant business exchanges taking place,' he told a press conference ahead of Anwar's arrival today in the Russian capital for his official visit.
While here, the Prime Minister will meet Russian President Vladimir Putin and the country's Prime Minister, Mikhail Mishustin.
Anwar will head to Kazan in the Republic of Tatarstan on May 15 to attend the 16th International Economic Forum, entitled 'Russia-Islamic World: KazanForum'.
Cheong said Moscow has a lot to offer, especially in terms of technology.
'They are advanced in various technologies, and they have been keen to offer the expertise that they have,' he said, adding that both sides would explore ways to collaborate in these areas.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ITMAX new AI growth pillar a positive for company
ITMAX new AI growth pillar a positive for company

The Star

timean hour ago

  • The Star

ITMAX new AI growth pillar a positive for company

PETALING JAYA: ITMax System Bhd 's latest artificial intelligence (AI) initiative, the 'Digital Twin' project, could generate a potential revenue of RM15mil to RM20mil per year. The 'Digital Twin' project involves the creation of a virtual 3D replica of Kuala Lumpur complete with buildings, road infrastructure and even slope analysis. This new growth pillar leverages ITMAX's data collection strengths, said Maybank Investment Bank Research (Maybank IB). The project will enable real-time simulation by authorities to enhance urban planning efficiency and is expected to be completed in December 2025, with monetisation targeted for financial year 2026 (FY26). After its meeting with ITMAX, Maybank IB came away feeling positive on the prospects of its core CCTV offering and its latest AI-enabled growth pillar. The research house maintains its FY25-FY27 earnings forecast. It retains its 'buy' rating on the stock with a target price of RM4.50. The shares closed at RM3.71 at the time of writing. The risk factors cited include the loss of subsisting contracts with the Kuala Lumpur City Hall (DBKL) to another competitor. It also includes higher-than-expected cost drag related to its expansionary initiatives, and a significant reduction in DBKL's operating budget that may impede continuity of existing contracts, as well as potential variation orders. However, ITMAX remains the research house's top Malaysian software pick for its robust growth offering and leading position as Malaysia's go-to smart city player. Having thus far secured contracts for 1,640 CCTVs across four Greater Johor Baru (GJB) districts, Maybank IB understands that Johor has adopted a single supplier policy for its smart city infra. This implies a 'when' rather than 'if' scenario for ITMAX securing CCTV contracts for the remaining 12 districts in the state. ITMAX is already in active discussions with Pengerang, Batu Pahat and Muar. The four GJB districts are also looking to increase CCTV installations ahead of a ramp-up in the Johor-Singapore Special Economic Zone economic activity. Maybank IB currently imputes a modest 2,000 CCTVs in Johor in FY25/FY26, but based on its sensitivity analysis, every additional 1,000 CCTV units installed in Johor could uplift ITMAX's core earnings by about 2.4% to 3.6% for FY25-FY27. Outside Johor, ITMAX'S CCTV prospects appear equally bright. DBKL has mandated for Kuala Lumpur to have 20,000 CCTVs by end-2028, implying a minimum 10,000 additional CCTVs over the next three years, which has been included in its forecasts.

Cuckoo International cuts IPO price
Cuckoo International cuts IPO price

The Star

timean hour ago

  • The Star

Cuckoo International cuts IPO price

SINGAPORE: Household goods maker Cuckoo International has reduced its Malaysian initial public offering (IPO) price by 16.3% to RM1.08 a share from RM1.29, a stock exchange filing showed yesterday. That would reduce the size of its IPO to about RM394mil from around RM471mil. Cuckoo International in April postponed the listing by two months citing global market volatility. The IPO, initially planned for April 30, is scheduled for completion by June 24. Cuckoo International is 62.5% owned by South Korea-listed Cuckoo Homesys, its IPO prospectus showed. In its draft prospectus, the company said it intends to allocate a significant portion of its IPO proceeds to fund product purchases for the expansion of its rental business. 'The growth of our rental business is dependent on the availability of cash flows to fund our purchase of products and pay our commissions.' — Agencies

Bursa up as investors welcome trade framework
Bursa up as investors welcome trade framework

The Star

timean hour ago

  • The Star

Bursa up as investors welcome trade framework

At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. KUALA LUMPUR: Bursa Malaysia ended higher yesterday, with investors adopting a cautiously optimistic stance following the announcement of a United States-China trade framework agreement, which includes provisions on technology trade. At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. The benchmark index opened 3.91 points higher at 1,520.86 yesterday morning, which was its day's low, and subsequently moved to a high of 1,530.85 in the early session. On the broader market, gainers thumped decliners 545 to 375, while 528 counters were unchanged, 921 untraded and 11 suspended. Turnover soared to 3.27 billion units worth RM2.59bil compared with yesterday's 2.72 billion units worth RM2.09bil. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan told Bernama that the development in the US-China trade negotiations marks a constructive step toward de-escalation, although it falls short of a material breakthrough. Domestically, the market found additional support from encouraging macroeconomic data, with figures released yesterday by the Statistics Department showing that the sales value of the manufacturing sector rose by 4.8% year-on-year in April 2025, reaching RM160.6bil. — Bernama

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store