3 days ago
UAE, Malaysia's Perak State Development Corporation sign MoU to facilitate investments in food security
The Ministry of Investment and the Perak State Development Corporation in Malaysia have signed a Memorandum of Understanding (MoU) to support co-operation in the field of food security.
The agreement also includes the development of the Bagan Datuk International Sea-Hub Multipurpose Terminal in Perak State, reinforcing both parties' commitment to global supply chains and sustainable economic growth through strategic infrastructure development.
The MoU was signed by Mohamed Hassan Alsuwaidi, Minister of Investment, and Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of Perak State Development Corporation.
The two parties will work together to explore opportunities for investment in food security, building on the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Malaysia in January 2025.
Mohamed Hassan Alsuwaidi said, 'This Memorandum with the Perak State Development Corporation underscores our shared commitment to bolstering regional supply chain resilience and driving sustainable development. Through this partnership, we aim to create meaningful international collaborations that deliver tangible value to both parties, while also contributing to the stability of the global food system.'
Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of Perak State Development Corporation added, 'We are pleased to formalise this partnership with the UAE Ministry of Investment, which will advance our agricultural sector and infrastructure development objectives, and our role in global food security. The Bagan Datuk International Sea-Hub Multipurpose Terminal will serve as a critical gateway for Malaysia's food exports while strengthening our position in global supply chains. We greatly value our partnership with the UAE and look forward to working together.'
The UAE and Malaysia have a strong relationship with increasing economic and trade ties. Non-oil bilateral trade reached US$4.9 billion in 2023 and US$4 billion in the first nine months of 2024.
The UAE is Malaysia's second-largest trading partner in the Middle East accounting for 32% of Malaysia's trade volume with the region, and Malaysia is the UAE's 12th largest Asian trading partner.
