KUALA LUMPUR, Feb. 11 (Xinhua) -- Malaysia and Türkiye are set to strengthen their economic ties, particularly in the private sector, to expand trade and investment opportunities, the leaders of both countries said on Tuesday.

Malaysian Prime Minister Anwar Ibrahim and Turkish President Recep Tayyip Erdogan, who is on an official visit to Malaysia, also said in a joint statement that both countries will work towards greater cooperation in the energy sector.

"Both leaders expressed their full support for greater business-to-business collaboration to expand trade and investment opportunities. In this regard, the leaders welcomed the mutual readiness to establish a joint business council between the National Chamber of Commerce and Industry of Malaysia and the Foreign Economic Relations Board of Türkiye to enhance commercial exchanges and unlock new opportunities for sustainable economic cooperation," the statement said.

"Recognizing energy security holds a prominent place in the global agenda, both leaders acknowledged the need to cooperate in the field of energy transition. The two sides emphasized the potential for cooperation in the areas of hydrocarbon and renewable energy projects, and also believed the need for closer dialogue on the matter of critical raw minerals which is vital to realizing future clean energy projects," the statement said.

Anwar and Erdogan also emphasized the need for closer defense cooperation through various procurements, underscoring active cooperation in defense science, technology and industry. This would foster the development of a strategic defense ecosystem, exploring new areas of cooperation, including technology transfer, joint development, and manufacturing.

The statement further noted that both sides believe this cooperation on the defense industry would not only enhance capabilities but also strengthen the shared defense ecosystem. Enditem

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