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.
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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]
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]
^"Home". Embassy of the Bolivarian Republic of Venezuela in Kuala Lumpur, Malaysia. Archived from the original on 24 April 2017. Retrieved 28 February 2018.
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