June 28, 2010

 

 

Malaysia and Yemen's economic trade could be enhanced further by tapping the vast potential and untapped sectors offered in both countries, according to the Director General of the Malaysian Investment Development Authority (MIDA) Jalilah Baba.

 

She said Malaysia would be able to supply Yemen a wide range of globally accepted quality products such as processed food, palm oil and chemical products.

 

"Meanwhile, Yemen can further strengthen exports of crude petroleum, seafood, skins and furskins, machinery, appliances and parts and metal to Malaysia," she said at the "Business Opportunities in Yemen" forum Thursday (Jun 24).

 

The text of her speech was read out by N. Rajendran, Director for Cross Border Investment Promotion Division of MIDA.

 

Bilateral trade between Malaysia and Yemen has been encouraging and there is vast potential to increase trade between both countries. In 2009, trade between the two countries amounted to MYR986.4 million (US$308.25 million) with Malaysia's exports to Yemen hitting MYR720.9 million (US$225.28 million) and imports reaching MYR265.6 million (US$83 million).

 

Agreeing with this, Ambassador of Yemen to Malaysia Abdulla Mohamed Al-Montaser invited Malaysian companies to exploit the untapped sectors in the country such as agriculture, mineral exploration and tourism.

 

Yemen, he said was rich in natural resources including rock salt, marble, minor deposits of coal, gold, lead, nickel, copper as well as fish and seafood.

 

"Malaysia and Yemen have established strong ties in all sectors and we are committed to deepen the relationship by organising more trade missions and business forum in both countries," he said at the forum.

 

Meanwhile, the President of Malay Chamber of Commerce Malaysia, Syed Ali Alattas, said to help local companies penetrate the Yemen market, the association and GIA, the Yemeni government department which is responsible for developing and supporting business investments in the country, had in March organised the Malaysia-Yemen Festival 2010 in Sana'a Expo Centre, Yemen.

 

The festival, he said provided a gateway for locals to look at business networking and investment opportunities in Yemen. This is a place where Malaysian investors can be pioneers, he added.