Malaysia–Venezuela relations

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Malaysia–Venezuela relations

Malaysia
Venezuela

Malaysia–Venezuela relations are foreign relations between Malaysia and Venezuela. Malaysia has had an embassy in Caracas since 1990,[1] while Venezuela has an embassy in Kuala Lumpur. Diplomatic relations were established 18 December 1986.[1]

Both countries are full members of the Group of 77.

President Hugo Chávez first visited Malaysia in 1999,[2] and visited again in August 2006[3] to discuss investments in Malaysia's palm oil industry and to diversify Venezuela's energy industry. Malaysia promised to support Venezuela's bid for a seat on the UN security council.[4][5] During the trip an agreement on avoiding double taxation was signed.[6]

Economic relations

Chávez proposed in December 2006 that Venezuela would build an oil refinery in Malaysia,[7] and Golden Hope, a Malaysian state-owned palm oil company, agreed with the Venezuelan state oil company to cultivate 40,000 ha of oil palms in Venezuela,[8] while Malaysian company Petronas would start oil exploration in Venezuela.[9] Malaysia also agreed to help Venezuela with city planning.[10]

A Malaysia-Venezuela Business Council was formed in July 2008,[11] partly so that Venezuela could learn from Malaysian experience in poverty reduction.[12] Bilateral trade was only US$6.6 million in 1990, when the countries signed a bilateral trade agreement,[13] US$30.6 million in 1998, when Venezuela set up legal protections for foreign investments,[14] US$19.8 million in 2004,[3] US$39.6 million in 2005,[8] and US$61.68 million in 2007, with only $250,000 being exports from Venezuela.[1] The Venezuelan ambassador to Malaysia proposed in February 2009 that the two countries form a new financial institution for developing countries.[15]

Malaysia held a "Venezuela Week" in July 2006,[16] 2007,[17] and 2008.[18][19]

See also

References

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External links

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