Ambassador: Malaysia, Azerbaijan must seek new avenues for trade, investment, business ties

Trade turnover between Malaysia and Azerbaijan increased by 173% in 2023-2024, said Ambassador of Malaysia to Azerbaijan Ahmad Kamrizamil Mohd Riza, during a seminar on trade, business, and tourism in Baku, themed "Strengthening relations between Malaysia and Azerbaijan through economic and tourism cooperation," Report informs.

"I am pleased to note an important milestone in the development of our economic partnership - in 2024, the bilateral trade turnover between Malaysia and Azerbaijan reached $26 million. This achievement is especially significant given the growth rate we have achieved in a short period. In 2022, this figure was only $9.5 million, which is an impressive growth of 173% in just two years," the ambassador said.

He specified that in 2024, Malaysia's exports to Azerbaijan amounted to $24.9 million, while imports from Azerbaijan to Malaysia amounted to about $1 million. Moreover, only for the period from January to May of this year, imports from Azerbaijan to Malaysia have already reached $1.4 million, meaning that the 2024 figures will be exceeded by the end of the current year.

"These figures are not just statistics. They demonstrate how dynamically trade relations between our countries are developing and what trust is being formed between business communities. This is the result of successful initiatives jointly implemented with the aim of strengthening bilateral economic ties," the diplomat said.

Kamrizamil also emphasized the prospects for further cooperation:

"The positive dynamics lay a solid foundation for expanding cooperation. We must continue to seek new avenues for trade, investment and business ties to further strengthen Malaysia-Azerbaijan cooperation in various sectors."