March 03, 1999
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| March 03, 1999 | atimes.com | |
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| Southeast Asia Trade between Malaysia and Africa up over last 5 years KUALA LUMPUR - Trade and investments between Malaysia and Africa have shown encouraging results over the last five years, said Deputy International Trade and Industry Minister Kerk Choo Ting. He said trade between Malaysia and Africa rose from RM881 million (U.S.$1=RM3.80) in 1993 to RM4.65 billion last year. ''Investments from Malaysia to Africa had increased from RM12 million in 1992 to RM115 million in 1996,'' he said here Tuesday at the opening of the four-day UNCTAD Asia-Africa business networking forum on trade and investment diversification. The forum, which is financed by the Japanese government, consisted of more than 25 entrepreneurs from 10 sub-Saharan African countries. It was aimed at facilitating trade and investments between South Asia and sub-Sahara Africa by providing opportunities for companies to network directly with their counterparts as well as establishing new business contacts and promoting networking among entrepreneurs from the two regions. Kerk said that in 1997 Malaysia's investments in South Africa amounted to RM133 million while the main exports to Africa were palm oil, palm stearin, vegetable oils and fats, plastic products, civil engineering and contractors' equipment. He added that Malaysia's investments in Africa were mainly in the telecommunications, hotel, banking, infrastructure and real estate sectors. He also advised Malaysian businesses to seek out trading and investment partners outside the realm of traditional partnerships to enhance their strategic capabilities and corporate objectives. He said Malaysia has always been keen on fostering and enhancing South-South Cooperation, ''and this is a good opportunity for Malaysian entrepreneurs to start business networking with their counterparts from Africa." Meanwhile, Masafumi Kuroki from the Japanese Embassy in Malaysia said Japan is determined to continue supporting Asian countries in their respective economic recovery and economic structural reforms. Kuroki said that, following up the establishment of the Asia-Africa Investment Information Center last October, the Japanese Government is planning to set up such a center in Malaysia within the framework of South-South cooperation in a joint effort with the South Investment Business Exchange Link (SIBEXLINK). ''It is aimed at supporting activities related to investment and technology promotion and providing Asian countries with African investments and technology-transfer related information,'' he said. ''No doubt, Malaysia is best placed to promote Asia-Africa cooperation." (Asia Pulse/Bernama) | |||||||||
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