KUALA LUMPUR, Oct 24 — Prime Minister Datuk Seri Anwar Ibrahim’s visit to Russia marked a strategic effort by the Madani Government to bolster Malaysia-Russia relations, broaden Malaysia’s geo-economic influence, and elevate its global economic standing.

The Ministry of Investment, Trade and Industry (MITI) stated that Anwar’s maiden visit successfully opened a new chapter in Malaysia-Russia relations, yielding significant benefits for both nations.

"The prime minister’s presence in Russia for the 9th Eastern Economic Forum in Vladivostok from Sept 4 to 5, 2024, provided Malaysia the platform to present its economic development efforts to the international community, particularly to Russian investors.

"These efforts, including the incentives offered to foreign investors, position Malaysia as an attractive investment destination,” said MITI in a written response on Parliament’s website yesterday.

The ministry noted that the visit also underscored Malaysia’s reputation as a trade-friendly nation that champions openness and business-friendliness.

MITI was responding to a question from Tan Sri Abdul Hadi Awang (PN-Marang), who inquired about the economic, trade and geopolitical outcomes of the Prime Minister’s visit to Russia.

The ministry emphasised that the working visit was crucial in reinforcing existing trade relations and enhancing market access for Malaysian goods and services in Russia.

From a geopolitical standpoint, MITI described the visit as a strategic step to ensure Malaysia maintains a favourable position amid growing global competition.

"During the bilateral meeting with President Vladimir Putin, substantial discussions were held on areas such as the economy, higher education, tourism, the halal industry, and connectivity.

"The talks also explored expanding cooperation in emerging sectors, including energy transition, aerospace, science and technology, telecommunications, and Islamic finance,” it said.

MITI stressed the need for Malaysia, as an open trading nation, to adopt a strategic approach in navigating complex geopolitical challenges, exploring new markets while preserving and expanding existing economic ties.

"Malaysia must continue efforts to seize opportunities and foster productive, pragmatic relationships with established trading partners while exploring new markets with non-traditional trading partners,” the ministry added. — Bernama