Brics a new frontier for M'sian businesses - Anwar

Platforms like Brics offer enormous opportunities, said Prime Minister Anwar Ibrahim, encouraging Malaysian companies to venture into new markets.

He said they must be willing to explore trading opportunities overseas and not solely rely on traditional markets.

He also praised Malaysian companies Petronas and Yinson Production for their successful ventures in Brazil.

Anwar was speaking in Rio de Janeiro, on a visit at the invitation of Brazilian President Luiz Inácio Lula da Silva to attend the 17th Brics Leaders’ Summit.

He said Lula was surprised to see Malaysian companies doing business in the country.

“I mentioned Yinson and Petronas to him, and their role in Brazil. He was surprised and asked for more details,” Anwar said at a dinner hosted by Yinson Production.

Also present were Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz and Yinson Holdings Bhd executive chairperson Lim Han Weng.

Yinson, an energy infrastructure conglomerate, owns and operates floating, production, storage, and offloading (FPSO) vessels, with three projects in Brazil since 2023, namely FPSO Anna Nery, FPSO Maria Quiteria, and FPSO Atlanta.

Petronas has also ventured into oil production in Brazil and last year opened its petrol station as well.

Anwar, who is also the finance minister, said that although Malaysia’s biggest market and source of investment is the United States and China, there are opportunities beyond them.

He added that he has asked Zafrul to facilitate and offer assistance to Malaysian companies doing business in Brazil, and that the country has not only shown its strength as a voice of the third world, but has also become an important economic power.

In his meeting with Lula this morning, Anwar said they discussed various issues of importance between the two countries.

Anwar said Lula has accepted his invitation to visit Malaysia during the Asean Summit in October.

“He wants to bring key ministers and business groups to Malaysia. There will be a special conference with both of us jointly addressing the event,” he said.

Malaysia participated in the Brics Leaders’ Summit as a partner country and as Asean’s chair for 2025. It officially became a Brics partner country on Jan 1, 2025.

Bilateral trade between Malaysia and Brazil increased by 14.6 percent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion in 2023. Brazil is one of Malaysia’s main trading partners in Latin America.

- Bernama

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