The Malaysian business delegation which recently attended the Volga Investment Summit & World Halal Day 2019 in Samara, Russia is expecting over US$100 million worth of investments over the next three to six months.

This followed high demand for Malaysian products and services from the Commonwealth of Independent States (CIS) which includes Russia.

Kumpulan Mofaz Sdn Bhd president Mohamed Fauzy Abdul Hamid who led the private-driven delegation said so far, US$21 million of investment agreements were inked in various sectors such as agriculture, entrepreneurship, fintech, consultancy services and health.

“We see this as a new market in the borderless world that must not be wasted.

“While there is a huge demand for halal products and services to cater for the Muslim people in CIS, which is about 30 million from the 162 million in population, we see also the potential in the health tourism segment that Malaysian companies can easily tap into,” he told reporters today at the post-event press conference on the event held from Oct 3-5.

The delegation comprised of 54 business players, was a collaboration with the International Association of Islamic Business Russia (IAIB) and ASEAN Chamber of Commerce.

Meanwhile, the ASEAN Chamber of Commerce president Datuk Moehamad Izat Emir said the chamber will continue to work with IAIB to organise the ASEAN Halal Expo & Summit in Russia, expected to be held in April 2020.

“As a young and aggressive body that was established last year, we want to help the government reach out to countries and parties who want to collaborate with Malaysia, whether in social and economic.

“Having about 500 members to-date, we hope that more local businesses will join us where we can help to facilitate their journey to expand their brand and exports globally,” he said.