Trade and diplomatic relations to expand between South Africa and Malaysia

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255 words - August 28, 2013 | © DiploNews, all rights reserved.

According to the South African government, Malaysia remains the largest investor in South Africa from the Southeast Asia region through Malaysian companies such as Petronas and the Golden Hope Group. Total trade between South Africa and Malaysia has grown steadily from approximately R13.8 billion in 2008 to R19.7 billion in 2012, the office of President Jacob Zuma added.

Also, total exports increased from R5.2 billion to R8.8 billion and imports from R8.5 to R10.9 billion in 2008 and 2012, respectively, and by the end of 2012, Malaysia ranked as South Africa's 23th largest export partner and 20th largest import partner in the world. South Africa is the largest investor in Malaysia from Africa, with investments in petro-chemicals, insurance, food and beverages industries. South African companies like Denel, Nando's Chicken, SASOL, and Sanlam have offices in Malaysia.

Considering the growing importance of Asia as a whole, and of Malaysia within the region, President Zuma undertook an official visit to Malaysia where he met with Prime Minister Dato' Sri Najib Tun Razak. The two leaders celebrated the 20th anniversary of the establishment of formal diplomatic relations and exchanged views on critical regional and global issues. They reiterated both countries' interest in developing trade relations and furthering cooperation in the field of oil and gas.

On the international stage, they shared "similar views on the importance of South-South cooperation," and the Malaysian leader stressed his country seeks to do more in the building of infrastructure in Africa.

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