KUCHING: The European Union (EU) reaffirmed its commitment to enhancing bilateral cooperation with Malaysia following the successful culmination of the EU-Malaysia Business Day 2024 on Wednesday (Feb 14).
The event, which was held at Borneo Cultures Museum, provided a vital platform for European and Malaysian businesses to foster engagement, identify opportunities, and align their visions for mutual growth.
In his keynote address EU Ambassador to Malaysia Michalis Rokas highlighted Malaysia’s significance as an economic partner for the EU.
He also underlined the promising business prospects in Sarawak, particularly in sectors like green energy and sustainable aviation fuel.
Deputy Premier Datuk Amar Awang Tengah Ali Hasan contributed to setting the stage for insightful discussions during parallel and panel sessions.
The event brought together key stakeholders from government and the private sector to exchange expertise and experiences on topics such as the digital economy, green economy and social economy.
EU in a statement said the EU-Malaysia Business Day reflects the shared commitment to areas like the green economy and renewable energy between the EU and Sarawak.
As trade landscapes evolve amidst the digital and green transitions, the EU stands ready to support Malaysia’s trade and investment endeavours, as evident from the participation of over 100 EU delegates representing various sectors and chambers of commerce, it said.
The EU’s collaboration with Sarawak holds immense potential for immediate and long-term benefits.
“The state of Sarawak has strong economic growth aspirations, focusing on high-value-added activities in the manufacturing, agriculture and service sectors.
“The EU is a very attractive single market of 27 countries. The EU is the largest trade bloc in the world and accounts for around 15 per cent of the world’s trade in goods.
“Malaysia is the EU’s third-largest trading partner in Asean, while the EU is the fourth-largest destination for Malaysian exports. The EU is also the second-largest source of foreign direct investment for Malaysia, with €25.2 billion in 2022.”
Looking ahead, both EU and Malaysia are committed to sustainable development, human rights, and environmental protection, aligning their goals towards responsible economic growth.
“As for the development aspirations of the Sarawak government, they are demonstrated by the establishment of Invest Sarawak, an independent entity that will serve as a one-stop centre that offers consultation and coordination services to investors under the Ministry of International Trade, Industry, and Investment Sarawak.
“With Invest Sarawak officially launched at a special event last night (Feb 14) at the Sheraton Hotel, the EU is proud to support and be a partner in this important milestone for the state government of Sarawak,” the EU added.
As such, the EU is excited to continue collaborating with Malaysia and Sarawak through its Global Gateway Strategy 2021–2027, which has been developed to build resilient and sustainable connections in the world.
With a focus on smart, clean, and secure investments, the strategy targets crucial sectors such as digital, transport, climate, and energy, along with fundamental areas like health, education, and research.
The EU’s commitment to mobilising €300 billion towards sustainable projects worldwide, including €10 billion for Asean countries, highlights its dedication to fostering sustainable development and growth in partnership with Malaysia and Sarawak.
