Business

Malaysia explores cooperation, investments with Vietnam, Peru at APEC summit

Peru will be hosting the next APEC summit in 2024.

Updated 2 years ago · Published on 17 Nov 2023 9:01AM

Malaysia explores cooperation, investments with Vietnam, Peru at APEC summit
Peruvian president Dina Ercilia Boluarte Zegarra (centre) introduces her country's delegation heads to Prime Minister Datuk Seri Anwar Ibrahim on the sidelines of the APEC summit in San Francisco. Facebook pic.

by Jason Santos

DATUK Seri Anwar Ibrahim today engaged the leaders of Vietnam and Peru, aiming to bolster bilateral cooperation and trade ties during the ongoing Asia Pacific Economic Cooperation (APEC) summit in San Francisco this week.

The Malaysian prime minister’s meetings with Vietnamese President Vo Van Thuong and Peruvian leader Dina Ercilia Boluarte Zegarra at the Moscone Centre delved into various areas of collaboration.

In his meeting with Vo, Anwar concurred on fully adhering to the Declaration of Conduct on the South China Sea and the call for the effective code of conduct of the waters.

Malaysia and Vietnam have enjoyed 50 years of diplomatic ties.

Both leaders agreed to increase cooperation to address illegal fishing in Malaysian waters and reaffirmed their unity within the Association of Southeast Asian Nations (Asean), as well as supporting Laos’ chairmanship of regional grouping in 2024.

Anwar had also sought continuous cooperation and commitment from Vietnam in combating illegal fishing in Malaysian waters, where over 1,000 vessels and 10,000 crews have been recorded operating illegally since 2006.

Vietnam meanwhile requested Malaysia to facilitate halal products from the country, including cooperation on halal certification.

Vo also proposed sister-city cooperation with Malaysia.

Anwar also noted Vietnam’s support for the Jordan-led United Nations General Assembly resolution on Palestine last month.

“Vietnam has taken quite a balanced approach on the conflict (Gaza),” Anwar commented.

Vo conveyed his gratitude to Anwar in the training of 1,500 Vietnamese officials under the Malaysian Defence Cooperation Programme.

The two leaders also expressed their readiness to finalise pending six memoranda – on international prisoner transfer, maritime law enforcement, eradication of human trafficking, defence, new air services agreements, and training of diplomats.

Both leaders also expressed their concerns on the Myanmar crisis and called for the implementation of the Asean’s five-point consensus.

The crisis in Myanmar stems from the military coup on February 1, 2021, leading to the overthrow of the democratically elected government and widespread protests.

More than 3,000 people have been killed since the coup and 200,000 Myanmar nationals have sought refuge in Malaysia.

Meanwhile, Anwar extended an invitation for Vo to visit Malaysia

Bilateral trade between Malaysia and Vietnam stands at US$19.4 billion (RM90.65 billion).

Malaysia is Vietnam’s ninth largest investor, with US$13 billion (RM60.4 billion), involving 701 projects, ranging from real estate, industrial processing, utilities.

Malaysia a gateway for Peru into Asean

During his meeting with Zegarra, Anwar expressed support for Peru’s request to establish a Development Partnership status with Asean. He offered Malaysia as Peru’s gateway to the region.

Both leaders have identified digital economy, renewable energy, palm oil, medical devices, and halal products as potential areas to be explored.

“I look forward to visiting Peru in 2024 for the Apec summit. Malaysia is pleased to host the 4th Malaysia-Peru Bilateral Consultation next year,” said Anwar in noting that Peru will be the host for the summit next year.

Bilateral trade between Malaysia and Peru is presently valued at US$318 million (RM1.4 billion).

Peru’s sole investment in Malaysia is in Asian Oils and Derivatives Sdn Bhd valued at US$1.6 million, producing calcium soap, animal feed supplement and others.

Malaysian investments in Peru meanwhile range from food and beverages and palm oil plantations.

Anwar welcomed increased investments from Peru in the areas of food and beverage and tech start-ups. – The Vibes, November 17, 2023

Related News

Business / 1mth

Malaysia must give investors clearer exits to unlock ASEAN capital

World / 1mth

The Vietnamese economy and the challenges ahead

Opinion / 1mth

Merdeka: This is our Malaysia – and you will not take it from us

Malaysia / 1mth

Malaysia urges ASEAN to tighten action against haze

Malaysia / 1mth

Malaysia records 6% GDP growth in Q2 despite global headwinds, says Sim

Opinion / 2mth

ASEAN leads global shift in workplace AI adoption, with Malaysia poised for gains

Spotlight

Malaysia

Man kidnapped, tortured, and killed following misunderstanding

Malaysia

'I will never forget taxi drivers who backed me in my hardest times' - PM Anwar

Malaysia

Najib fails to secure stay of 15-year jail term, RM11.38b fine in 1MDB case

Malaysia

Ivana Smit’s mother considers Federal Court appeal after RM1.1m award overturned

Education

Schools in Negeri Sembilan, Melaka to reopen tomorrow as haze conditions improve

Malaysia

Zara Qairina inquest: Investigating officer says final findings showed no suspicious circumstances

Malaysia

Man jailed 8½ years for abusing three-year-old boy, forcing the child to eat faeces

World

Pope Leo XIV diagnosed with lung cancer after successful surgery

Malaysia

More than 3,000 Myanmar refugees set for repatriation after Malaysia secures breakthrough

You may be interested

Business

SC targets stronger board oversight through higher standards for company secretaries

Business

SC expands new co-investment fund in 2027 to unlock growth capital for Malaysian businesses

Business

Oil prices rise as Gulf attacks threaten supply recovery

Business

Oil prices stay above US$93 as Middle East tensions put pressure on ringgit