Trade between Malaysia and Canada is expected to increase further this year, surpassing the C$3.5 billion (RM10.99 billion) recorded last year.
Canadian High Commissioner to Malaysia Randolph Mank said the growth would be fuelled by new business opportunities in oil and gas (O&G) sector in the two countries.
"There has been a flood of foreign investments in the O&G sector in Canada. We have the second largest oil reserves in the world after Saudi Arabia and oil price being as high as it is now will certainly be very profitable for the companies," Mank said.
Mank said there are more Malaysian firms investing in Canada in the areas of plantation, property and O&G sector.
Among those, like Felda, has a RM760 million canola processing facility in Quebec; KNM Group Bhd with its RM108 million investment in Alberta to design, engineer and manufacture equipment for O&G sector; Sunrise Bhd's RM915 million property project in Richmond.
In Malaysia, there are more than 20 companies involved in O&G and energy, the biggest player is Talisman Energy Inc of Calgary, which provides 10 per cent of Peninsular Malaysia's energy needs.
Mank was speaking here after officiating at the launch of the Malaysia Canada Oil & Gas Council (MCOGC) yesterday.
MCOGC, set up by the Malaysian Oil & Gas Services Council (MOGSC), will bring together key stakeholders from the Malaysian and Canadian service providers in the O&G sector and increase collaboration between the two countries.
MOGSC president Sofiyan Yahya said it will also be a platform to increase the level of participation of Canadian companies and activities towards Malaysia's economic growth and nation building by supporting the government initiatives to make Malaysia a regional hub for products, resources and services in the O&G sector. – Business Times
