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Russia's Tatarstan Investment Development Agency (TIDA) will work on a memorandum of understanding (MoU) to formalize and further promote bilateral investment relations.

The President of Tatarstan, Rustam Minnikhanov decided to establish TIDA, which will be modeled after the Malaysian Investment Development Authority (MIDA), during his visit to Malaysia in December 2010.

Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, who attended the 18th APEC Ministers Responsible for Trade Meeting in the Tatarstan capital, Kazan, recently, met with Minnikhanov.

Datuk Seri Mustapa invited Tatarstan companies to explore opportunities and establish business collaboration in Malaysia, and view the country as a springboard to penetrate the ASEAN markets.

"Malaysia will also encourage its businessmen to visit Tatarstan to explore trade and investment opportunities there, as well as in neighbouring markets and explore joint-venture opportunities," Mustapa added.

He said it is imperative for the private sectors of both Malaysia and Tatarstan to stay engaged and increased efforts must be undertaken towards this end.

Tatarstan is one of the most dynamic Russian republics with abundant natural resources.

Adapted from BERNAMA and Business Times, 6 June 2012