Malaysia's trade with South-South countries at RM141mil

KUALA LUMPUR: Malaysia's total trade with the South-South countries stood at RM141.72 million in the first four months of this year with exports to these countries totalling RM81.97 million.

In stating this, Malaysian Industrial Development Authority (MIDA) deputy director-general Datuk Afifuddin Abdul Kadir said the trade performance between Malaysia and the South-South countries was seen as encouraging, especially in the manufacturing and services sectors.

During the January-April period this year, Malaysia's major exports to the South-South countries were electrical and electronic products, palm oil, chemicals and chemicals product, crude petroleum and machinery as well as appliances and parts.

"Malaysia has a strong and resilient economy that provides vast opportunities for participants in both parties to futher expand their trade links," Afifuddin said at the opening of the familiarisation programme for officials of investment promotion agencies of the South-South countries here on Friday.

The 10-day familiarisation programme, which involved 35 participants from 17 South-South countries, was organised by MIDA to share Malaysia's experience in the promotion and coordination of industrial development promotion of foreign and domestic investment and formulation of policy and incentives.

Afifuddin said MIDA had so far received a lot of interest from the South-South countries to invest here.

"There are four to five companies from the South-South countries that have shown their interest to do business in our country. Hopefully, we can see these companies here by year-end," he said.

He, however, declined to name the companies, but urged investors from the South-South countries to tap Malaysia's strength in the oil and gas industry.

For the first four months of this year, 37 projects with investments worth RM2.27 billion were approved from the South-South countries, Afiduddin said.

For these projects, the major approvals were from Singapore with investments amounting to RM1.8 billion, followed by China at RM473.87 million, Thailand at RM13.54 million, the United Arab Emirates at RM6.68 million and Pakistan at RM6.28 million.

On an industry basis, the major approvals were in electrical and electronic products, basic metal products, chemicals and chemical products, food manufacturing and fabricated metal products. - BERNAMA

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