Malaysia offers UAE the opportunity to participate in reverse investment in agriculture

Malaysia offers UAE the opportunity to participate in reverse investment in agriculture
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ABU DHABI (Sept 27): Malaysia is offering the United Arab Emirates (UAE) to make a “reverse investment” to support the Food Security Policy of both countries and help the UAE become a food hub in the Middle East.

Prime Minister Datuk Seri Ismail Sabri Yaakob said Malaysia has vast and suitable land for foreign investors to invest in agriculture.

“I have suggested to the UAE president to make a reverse investment in agriculture in Malaysia.

“This is in line with the UAE’s plan of becoming a hub for agricultural exports to African countries and so on,” he said at a press conference in conjunction with his working visit to the UAE.

In a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan at the Presidential Residence here on Monday (Sept 26), the prime minister said that Sheikh Mohamed welcomed the proposal and the two leaders agreed to establish a joint working committee to look into the proposal in more detail.

He said that previously, Qatar and Saudi Arabia had also expressed interest in participating in reverse investment in the field of agriculture in Malaysia, which would help the country increase the production of agricultural products.

Ismail Sabri said that Baladna, a Qatari dairy producer, has made a commitment to invest RM4.5 billion in the largest dairy farm in the Southeast Asian region, with two sites identified — Cuping, Perlis and Muadzam, Pahang.

He said Malaysia and Saudi Arabia had previously signed an agreement to explore new collaboration in agriculture.

The prime minister also said that Malaysia is weighing the option to import fertilisers from the UAE.

During a visit to the Abu Dhabi National Oil Company (ADNOC) here, also on Monday, the prime minister was informed that the company is not only involved in oil and gas but also in other economic activities such as fertiliser production.

He said the trade value between the two countries increased 90.4% for the first eight months of this year to RM25.6 billion, exceeding the total value of 2021, which stood at RM22.29 billion.

Ismail Sabri said both countries also agreed to expand bilateral investments and trade.

At the same meeting, he said the UAE president also thanked the more-than-6,000 Malaysians working in UAE, who are considered disciplined, hardworking and do not cause problems.