Russia has big potential to diversify agribusiness exports to Malaysia - Agroexport

MOSCOW. Aug 8 (Interfax) - Russia has great potential to diversify exports of agribusiness products to Malaysia, the Agriculture Ministry's Agroexport Center said.

"Malaysia is a new and important market for developing Russian agricultural exports. Vegetable oils make up the bulk of current sales, but there is significant potential to diversify exports." Agroexport head Dmitry Krasnov said in the press release, which was issued in connection with the start of a business mission of Russian agribusiness exporters in Kuala Lumpur on Friday.

Krasnov said the mission will help strengthen bilateral ties and "open a new page in Russian-Malaysian trade in agribusiness products."

Twenty-three Russian producers and two industrial associations are participating in the mission. On the Malaysian side, representatives of more than 45 companies, associations and government agencies are participating.

"The business mission is extremely timely for developing mutual relations between producers of agricultural products. I am confident that the mission will make a substantial contribution to deepening cooperation and solving food security issues of the two countries, as well as the whole world," the secretary general of Malaysia's Food and Agriculture Ministry, Azah Hanim binti Ahmad was quoted as saying in the press release.

The business mission, which concluded on August 7, including a plenary session, roundtables and group meetings devoted to halal certification, the principles of work in Malaysia's retail and HoReCa sectors, the particulars of trade in meat, grain and oil and fat products, as well as more than 200 individual b2b negotiations.

Trade in agribusiness products between Russia and Malaysia grew by 10.1% to $247.7 million in 2021.