KUALA LUMPUR, Nov 22 (Bernama) -- Russia wants Malaysia to adopt its technology and innovation for flagship projects in high-technology sectors now that the Economic, Scientific, Technical and Cooperation (ESTCA) agreement is in place.
Russian First Deputy Minister of Economic Development Alexey Likhachev said the Malaysian economy was dynamic and the country would be a suitable platform to launch its joint projects into the ASEAN market.
Malaysia and Russia sealed the ESTCA which provided a mechanism to help expand cooperation between both countries at the 27th ASEAN Summit on Saturday.
Under the agreement, a joint commission will be set up to coordinate cooperation between the two governments, hence improving efficiency and promoting further link-ups.
Likhachev said Russia was also looking to further trade expansion between Malaysia and Russia.
"I believe all economic sectors have potential for growth. But, unfortunately currently, all trade and cooperation sectors have great reserves, so to speak," he told Bernama on the last day of the four-day Summit.
Russia turned its attention to the Far East to generate much needed prosperity as the former Soviet nation's economy stuttered, buffeted by cheap oil and Western sanctions imposed over the Ukraine crisis.
Likhachev pointed out that Russia was willing to expand its exports of metallurgy and machine building products.
"But there are also new sectors and products we are willing to offer to our Malaysian partners such as computer, space and navigating sector technology," said Likhachev.
He called on relevant ministries in both countries to foster favourable conditions for further development of trade cooperation.
Likhachev said the establishment of the ASEAN Economic Community (AEC) would further strengthen economic relations between the 10-member grouping and Russia.
"We are leaving Kuala Lumpur with some kind of a home assignment to work through the possibilities of establishing a preferential trade regime between ASEAN on the one side and the Eurasia Economic Union on the other.
"I believe next year is going to give us the answer as to how we are going to move into this dimension," he added.
Russia became a dialogue partner of ASEAN in 1996 and was the grouping's eighth largest trading partner in 2014.
Trade between Russia and ASEAN grew 13 per cent to US$22.5 billion in 2014 from $19.9 billion a year earlier.
-- BERNAMA
Source: http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1192408
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