UAE Ministry of Investment and the Ministry of Investment, Trade and Industry of Malaysia have signed a Memorandum of Understanding (MoU) to establish a framework for investment cooperation in the digital infrastructure sector with a specific emphasis on data centers in Malaysia.
The agreement was signed by His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and His Honorable Tengku Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia.
The MoU between the UAE and Malaysia centers on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organizations. The agreement also proposes introducing incentives to bolster relevant initiatives and seeks to facilitate the exchange of knowledge.
Mohamed Hassan Al Suwaidi UAE Minister of Investment
“In the context of growing bilateral relations between our two nations, this partnership facilitates collaboration in an area that is essential to the development of a resilient economy. The planned increase in the number of data centers in the country will elevate Malaysia’s standing as one of the emerging data hubs in Southeast Asia and provide businesses across various sectors with a robust foundation for digitization.”
The signing of the MoU is underpinned by strong trade relations between the two countries, with non-oil trade volume surpassing $2.22 billion in the first half of 2023.
The UAE currently stands as Malaysia’s second-largest trading partner in the Middle East, constituting 32 percent of its overall trade with Arab nations, while Malaysia holds the eighth position among non-Arab Asian countries for UAE exports and the 19th position in re-exports.
His Honorable Tengku Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia, said that, “Malaysia’s digital infrastructure collaboration with the UAE, with a focus on data centers, will certainly help strengthen our position as a preferred destination for digital investments. As a regional data center hub, Malaysia is well-positioned to capture a significant portion of ASEAN’s digital economy, forecast to reach $1 trillion by 2030.”
“The Ministry of Investment, Trade and Industry of Malaysia and its agencies are determined to realize all committed investments so that investors, businesses, and our people can quickly reap the benefits of a more robust, thriving digital economy within Malaysia and ASEAN,” the Malaysian Minister added.
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