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MITI invites AMCC members to forge partnership

KUALA LUMPUR, Aug 27 -- The Ministry of International Trade and Industry (MITI) has invited members of the Arab-Malaysian Chamber of Commerce (AMCC) to forge a strong linkage and partnership with the ministry.

Its Deputy Minister, Dr Ong Kian Ming said the partnership, which could also be cemented with the Malaysia External Trade Development Corporation (MATRADE), would help build a stronger trade relationship between Malaysia and the respective AMCC member countries.

"I would also like to invite all AMCC members to leverage Malaysia’s market access capabilities, as we are part of the larger ASEAN Economic Community regional grouping, plus many other free-trade agreements at the bilateral, regional and multilateral levels.

"Through Malaysia’s strong economic ties and trade relations with many other countries, we can serve as your doorway to various markets in this region and beyond," he said in his keynote address at the AMCC ninth annual general meeting and Business Simposium here, today.

With the strong historial ties between Malaysia and Arab countries, Ong said both parties have rich opportunities to strengthen their trade relationships.

Over the years, he said the Middle East became not only a source of foreign direct investments, but also a primary market for Malaysian products and businesses. 

"For instance, many products of various levels from Proton cars to commodities, were exported to the Middle East, whilst the halal industry potential was explored and initiated.

"As a result, Malaysia’s trade under the flagship of the Organisation of Islamic Cooperation (OIC), comprising many Arab countries, grew 22.7 per cent over a five-year period from RM149.7billion in 2014 to RM183.7 billion in 2018. The United Arab Emirates and Saudi Arabia are Malaysia’s main Arab trading partners within the OIC," he added.

On the symposium titled “Malaysia as Leader in Islamic Financing”, he said it was likely based on Malaysia’s internationally-recognised position as the leader in the Islamic financing sector. 

"This is aptly reflected through the recently-effected Memorandum of Understanding (MoU) between MATRADE and the International Islamic Trade Finance Corporation under the Islamic Development Bank Group.

"The MoU serves as a catalyst to create more market access for Malaysian companies into the 57 OIC member countries with special focus on e-commerce, renewable energy, infrastructure, oil and gas, as well as  capacity building," he said.

Ong believes that Arab countries within the OIC shall become an integral part of the initiatives under the MoU, which is intended to enhance the bilateral trade between Malaysia and the OIC, including Arab countries.

-- BERNAMA

 

 

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