DATUK Seri Anwar Ibrahim has ‘offered’ Malaysia’s expertise to assist Russia in the Islamic finance sector, considering Kuala Lumpur’s significant role as a global leader in these services.
The Acting Prime Minister once again took on the role of ‘salesperson’ during his keynote address at the Eastern Economic Forum (EEF) Plenary Session in Vladivostok today.
He stated that not only Malaysia but Russia too has the potential to attract more investments, particularly from Islamic-majority countries, by leveraging Islamic financial services.
He added that given the Muslim population in the country, this further enhances the substantial potential to boost the Islamic finance sector, especially Islamic banking in Russia.
“As an open economy, Malaysia is proud to conduct business with countries around the world and has benefited significantly from the global supply chain.
“The essence of this effort is the MADANI Economic Framework, which implements structural reform initiatives to chart a more sustainable and inclusive future for our nation.
“In the bilateral relations between Malaysia and Russia, the mature sector that can be harnessed is Islamic finance, where Malaysia is considered a global leader, with a robust and innovative sharia-compliant financial ecosystem.
“Hence, Russia, with its significant Muslim population, stands on the brink of tremendous potential in Islamic finance. The introduction and development of Islamic banking in Russia could open up opportunities for joint projects and attract significant investments from Islamic-majority countries.
“This will further strengthen bilateral relations and advance economic development,” he said during the session, which was also attended by Russian President Vladimir Putin and Chinese Vice President Han Zheng.
The Prime Minister’s speech was broadcast live by RTM.
In the same session, the Prime Minister expressed appreciation to Russia for its significant contribution to stabilising the global agricultural market amid the crisis that disrupted global food supply chains.
Anwar noted that Russia has made substantial progress by becoming a major global player in the agricultural sector, especially as the world’s largest producer and exporter of grains.
“Russia plays a crucial role in ensuring global food security. Russian agricultural exports help stabilise global markets amidst ongoing supply chain disruptions,” he said.
Furthermore, Anwar hopes that cooperation between Malaysia and Russia will benefit from high-tech solutions, particularly in energy efficiency, data transmission, and smart city technology, which he believes can become a shared strength to drive innovation and address 21st-century challenges.
In the fields of Science, Technology, Engineering, and Mathematics (STEM), he also believes that Russia’s capabilities can be leveraged by Malaysia in terms of education and research.
“Russia has a longstanding reputation for excellence, particularly in STEM fields. Russian universities consistently rank among the best in the world, producing world-class scientists, engineers, and researchers.
“With the recent establishment of the Russia-Malaysia High Technology Centre (RMHTC) in Malaysia, it underscores our commitment to fostering technological innovation and academic excellence.
“Moreover, efforts to achieve advanced progress such as AI (artificial intelligence) and semiconductor technology should be guided by humanitarian and altruistic values to ensure that technological competition and inequality do not impede free trade and create a more fragmented geopolitical landscape,” he added. – Sept 5, 2024
Main image: anwaribrahim (facebook)
