Trade relations between Ecuador and Malaysia are strengthened

  • The Minister for Foreign Affairs and Human Mobility, Ricardo Patiño and the Minister of Trade and Industry, Mustafa Muhamed signed on  Wednesday in Kuala Lumpur Commercial Cooperation Memorandum Ecuador-Malaysia (MOU) to promote trade and economic relations, boosting trade promotion and investment attraction and cooperation. He also held several meetings with representatives of the Government of Malaysia.

During the meeting Minister Ricardo Patiño, said that for the implementation of the Trade Agreement is expected to create a joint committee to promote the exchange of experiences between the two countries with emphasis on the transfer of knowledge about the development of Small and Medium Enterprises (SMEs) as a cornerstone in the advancement of the economy. “It is of great importance to strengthen relations and I think we can benefit both countries through the exchange of experiences, dialogue and intra-regional Cooperation Forum between East Asia and Latin America (FEALAC)” noted Chancellor of Ecuador.

In 2012, the trade balance between Ecuador and Malaysia was favorable reaching 11,439 thousand dollars between the two countries. The main products that Ecuador currently most exports to Malaysian market are: cocoa beans, coffee and seafood, and purchase that country mainly electrical conductors.

“Despite being geographically separated we have several similarities and we hope to improve the relationship with Ecuador, because we want an open economy to trade and tourism,” said Muhamed.

After signing the Agreement, the Chancellor held a dialogue with the Vice Chancellor of the University of Kebangsan Malaya (UKM), Sharifah Syed Hasan Shahabudin Hapsha, who expressed Ecuador’s interest to help strengthen several projects focused on Human Resource Development such as emblematic projects :- “Wise Old Prometheus” and “Scholarships for Ecuadorians abroad”, as well as building the Yachay Knowledge City, a metropolis that is dedicated to academic, research, development of information technology and communications, biotechnology and related businesses, supported by a technology platform and sustainable urban development.

In that sense, he also visited the Malaysian Innovation Agency, where he met with the President of that unit, Mark Rozario to seek mechanisms to promote cooperation on technology transfer from the Malaysian experience in the recent years. The Innovation Institute focuses primarily on issues of biotechnology, nanotechnology and software.

“We must join in one place the leading institutes in the field of science and technology in the world, and invite foreign scientists and specialists to promote the development of knowledge, not only in Ecuador, but in Latin America,” said Ricardo Patiño.

Subsequently, the Head of the Ecuadorian diplomacy met with his Malaysian counterpart, Anifa HJ. Aman to assess the progress of bilateral relations based on the political, economic, technological and cultural issues. Also at the meeting he gave the congratulatory note addressed by President Correa to the Malaysian Prime Minister’s re-election for a second term.

He also explained to his Asian counterpart the Architectural Recovery Project, aimed to establish a complex of embassies in the historic center of Quito. In this regards, he reiterated the interest of Ecuador in the opening of a Malaysian embassy in our country. “We are keen to expand bilateral relations, because there are many similarities as brotherly countries” emphasized Ricardo Patiño.

As part of his visit to Kuala Lumpur, Minister Patiño took the opportunity to meet with a group of Ecuadorians who live in Malaysia, and spoke about the policies promoted by the Government for the benefit of migrants.