Malaysian companies should explore emerging markets such as Ukraine in finding new buyers, International Trade and Industry (MITI) deputy minister Datuk Lim Ban Hong said in his speech at a webinar titled Malaysia-Ukraine: New Markets New Opportunities (Post COVID-19).
He emphasised that market diversification is crucial to help cushion some impact in the disruption of global supply chain activities due to the Covid-19 pandemic.
"Ukraine is one of Malaysia's key trading partners in the Eastern Europe region. Diplomatic relations between Malaysia and Ukraine were established way back in 1991 to facilitate economic, trade and cultural relations between the two countries.
Currently, Malaysia's major exports to Ukraine are palm oil and palm oil-based agriculture products, electrical & electronics as well as rubber products.
Moving forward, industry players from both countries can venture into more collaborations in high-value sectors such as information technology (IT) fintech, aerospace, education, pharmaceutical research and development as well as medical tourism.
Malaysian companies may also want to leverage on digital technology and e- commerce to reach out to the Ukrainian buyers.
Read more here.