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Malaysia–Venezuela relations

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Malaysia–Venezuela relations
Map indicating locations of Malaysia and Venezuela

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.[2] Diplomatic relations were established on 18 December 1986.[1] Both countries are full members of the Group of 77.

History

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President Hugo Chávez first visited Malaysia in 1999,[3] and visited again in August 2006 to discuss investments in Malaysia's palm oil industry and to diversify Venezuela's energy industry.[4] Malaysia promised to support Venezuela's bid for a seat on the UN security council.[5][6] During the trip, an agreement on avoiding double taxation was signed.[7]

Economic relations

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Chávez proposed in December 2006 that Venezuela would build an oil refinery in Malaysia,[8] 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,[9] while Malaysian company Petronas would start oil exploration in Venezuela.[10] Malaysia also agreed to help Venezuela with city planning.[11]

A Malaysia-Venezuela Business Council was formed in July 2008,[12] partly so that Venezuela could learn from Malaysian experience in poverty reduction.[13] Bilateral trade was only US$6.6 million in 1990, when the countries signed a bilateral trade agreement,[14] US$30.6 million in 1998, when Venezuela set up legal protections for foreign investments,[15] US$19.8 million in 2004,[4] US$39.6 million in 2005,[9] 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.[16]

Malaysia held a "Venezuela Week" in July 2006,[17] 2007,[18] and 2008.[19][20]

In 2020 due to the Covid-19 Pandemic Venezuela and Malaysia's trading ability was significantly hampered by the restrictions imposed by the governments of each countries Covid response measures.[citation needed]

References

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  1. ^ a b c "Official Website of Embassy of Malaysia, Caracas". Ministry of Foreign Affairs, Malaysia. Archived from the original on 24 April 2009. Retrieved 13 July 2009.
  2. ^ "Home". Embassy of the Bolivarian Republic of Venezuela in Kuala Lumpur, Malaysia. Archived from the original on 24 April 2017. Retrieved 28 February 2018.
  3. ^ "Venezuelan president gets red-carpet welcome in Malaysia". NewsLibrary.com. Associated Press. 19 October 1999. Archived from the original on 19 October 2012. Retrieved 13 July 2009.
  4. ^ a b "Chavez making second visit here Sunday". Daily Express. 26 August 2006. Archived from the original on 3 June 2011. Retrieved 13 July 2009.
  5. ^ "Chavez in Malaysia: palm oil, biofuels, geopolitics and ideology". Mongabay. 29 August 2006. Retrieved 13 July 2009.
  6. ^ "Venezuela gains support of Malaysia in UN bid". The Gazette. Reuters. 28 August 2006. Archived from the original on 9 May 2012. Retrieved 13 July 2009.
  7. ^ "Malaysia, Venezuela ink pact on avoidance of double taxation". Xinhua News Agency. People's Daily. 29 August 2006. Retrieved 13 July 2009.
  8. ^ "Venezuela, Malaysia May Team on Refinery". The Washington Post. Associated Press. 18 December 2006. Retrieved 13 July 2009.
  9. ^ a b "Malaysia gateway to Asean". The Star. 19 December 2006. Archived from the original on 4 June 2011. Retrieved 13 July 2009.
  10. ^ Zubaidah Abu Bakar (21 December 2006). "Petronas set to play role in Venezuela oil sector". New Straits Times. HighBeam Research. Archived from the original on 26 October 2012. Retrieved 13 July 2009.
  11. ^ "Venezuela, Malaysia to cooperate in city-planning construction". Xinhua News Agency. People's Daily. 18 December 2006. Archived from the original on 27 May 2011. Retrieved 13 July 2009.
  12. ^ "Official Establishment of "Malaysia - Venezuela Business Council" (MVBC)". Ministry of Foreign Affairs, Malaysia. 2008. Archived from the original on 21 August 2017. Retrieved 10 July 2015.
  13. ^ "Venezuela keen to learn from Malaysia's experience in poverty eradication: FM". Xinhua News Agency. People's Daily. 18 December 2008. Retrieved 13 July 2009.
  14. ^ "Malaysia, Venezuela sign trade pact". New Straits Times. 28 November 1991. Retrieved 13 July 2009.
  15. ^ "Venezuela offers legal protection for investments". New Straits Times. 21 October 1999. Archived from the original on 17 July 2012. Retrieved 13 July 2009.
  16. ^ "Developing Countries Should Establish Own Financial Institution". Bernama. 13 February 2009. Archived from the original on 22 June 2011. Retrieved 13 July 2009. (subscription required)
  17. ^ "First Venezuelan Week in Malaysia". Embassy of the Bolivarian Republic of Venezuela in Kuala Lumpur, Malaysia. Archived from the original on 20 January 2010. Retrieved 13 July 2009.
  18. ^ "Malaysia to host Venezuela Week". Xinhua News Agency. People's Daily. 1 July 2007. Retrieved 13 July 2009.
  19. ^ Christina Low (3 July 2008). "A taste of things Venezuelan". The Star. Retrieved 13 July 2009.
  20. ^ Jayagandi Jayaraj (24 June 2008). "Various activities lined up for Venezuela week". The Star. Archived from the original on 4 June 2011. Retrieved 13 July 2009.
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