Malaysia, New Zealand and Singapore ink MoU to supercharge economic cooperation

Malaysia, New Zealand and Singapore ink MoU to supercharge economic cooperation

03 Sep 2024

The New Zealand Malaysia Business Association (NZMBA) and the Singapore Business Association New Zealand have signed a memorandum of understanding (MoU) with the Auckland Business Chamber to enhance economic cooperation among New Zealand, Malaysia, and Singapore.

The MoU, inked recently at the Auckland Business Chamber, New Zealand’s largest business network, aims to boost economic collaboration between the three countries, focusing on trade, investment, and business networking.

It is expected to leverage the strengths of each nation to create a robust framework for sustainable economic growth.

Malaysian High Commissioner to New Zealand, Mazita Marzuki, said this MoU opens up new avenues for collaboration, particularly in the agriculture sector, which is of mutual interest.

“As Malaysia prepares to chair Asean in 2025, we are committed to fostering a vibrant economy and strengthening regional cooperation,” she said in a statement made available to Bernama.

She also highlighted the significance of the official visit of New Zealand Prime Minister Christopher Luxon to Malaysia from September 1-3, as both countries enjoy warm diplomatic ties spanning over 67 years.

Chief executive officer of the Auckland Business Chamber and former National Party leader of New Zealand, Simon Bridges, said New Zealand has always valued its relationships with Malaysia and Singapore.

“This MoU is a testament to our commitment to deepening these ties and exploring new avenues for economic cooperation,” he said at the signing event, which was also attended by Singapore High Commissioner to New Zealand, William Tan.

Meanwhile, NZMBA president Dave Ananth said the MoU acknowledges the strong existing relations between the countries and sets the stage for greater economic collaboration.

“I am hopeful it will lead to more trade and investment opportunities between New Zealand and Malaysia,” he said.

Dave also highlighted the potential for increased business exchanges and the sharing of expertise among the three nations.

The agreement is expected to significantly impact the economies of all three countries by enhancing market access, reducing trade barriers, and encouraging the exchange of knowledge and technology.

Bilateral trade between New Zealand and Malaysia has been rising, with 2023 seeing significant trade volumes.

Malaysia remains one of New Zealand’s key trading partners in South-east Asia, with exchanges including agricultural products, manufactured goods, and technological services.

Source: Bernama