SHARED ECONOMIC INTEREST OFFERS GREATER PROSPECTS, SAYS M'SIAN PM NAJIB

From Jamaluddin Muhammad

PHNOM PENH, May 10 (Bernama) -– Najib Tun Razak said strong
regional and bilateral cooperation based on shared economic and strategic
interest would open economies and lead to greater job creation, poverty
eradication and gender equality.

"Liberalised trade is the tide that raises all ships in Asean," the
Malaysian Prime Minister said in his address at the Malaysia-Cambodia Business
Forum and Luncheon here Monday.

Najib's is on a three-day official visit to Cambodia, beginning Monday, his
first to that country after assuming office April last year.

The Prime Minister said Malaysia and Cambodia could not count on positive
developments over the most recent years as the sole source of future successes
as they must continue to work for improved trade relations.

Malaysia has been one of the biggest investor in Cambodia for 14 consecutive
years with investment totalling US$2.19 billion (RM7.3 billion).

"Both governments have taken great steps to set up the appropriate
framework for sustained cooperation in all economic and political areas and now
is the time to mobilise their resources collectively for the economic
development of Asean as a whole," he said.

Cambodian Prime Minister Hun Sen and 500 businessmen from both countries
also attended the function.

"I strongly believe our two countries will be able to make important
contributions through bilateral cooperation and active participation in Asean
integration initiatives," Najib said.

He believed a primary challenge both countries must overcome was to
broaden the number of goods traded between the two countries as their trade
base, currently, was very narrow and confined to several products on both sides.

Malaysia's main exports to Cambodia include chemical products, machinery,
appliances and electrical products while imports comprised mostly textile,
clothing, raw rubber and logs.

The prime minister said there were opportunities to expand the scope
of products and services that could be traded between the two countries.

"In fact, this is the challenge I want to pose to you, the members of the
Malaysian and Cambodian business community present here today," he said.

Najib urged the business community to leverage the provisions of the Asean
Free Trade Agreement (AFTA) and bilateral agreements between Cambodia and
Malaysia to extend and deepen their sphere of cooperation through strategic
alliances.

While noting that AFTA and other regional trade agreements had been
concluded with China, Japan, Korea, Australia, New Zealand and India, he
reiterated the political will of Asean member states to assume greater
responsibility for the open trading system.

This very system, he said, would enable the member states to prosper and
grow further and would also provide ample opportunities for the business
community to expand its interest within the region and with regional
grouping partners.

He said while governments opened the door for free trade through better
agreements and promotional channels, the private sector had a substantive role
to play in encouraging dialogue between governments, investors and consumers.

Najib said he would like to see the Malaysian Business Council of Cambodia
and the Malaysia-Cambodia Business Council work together in the interest
of trade and investment of both countries.

He also informed those present that the Malaysia External Trade Development
Corporation would oganise a Malaysian Products and Services Exhibition in Phnom
Penh in October to be participated by 30 Malaysian companies from various
sectors .

The prime minister hoped the programme would encourage new Malaysian
companies to venture into Cambodia and allow Cambodian businessmen to forge new
partnerships with their Malaysian counterparts.

Najib also invited all Cambodian businessmen to participate in the Malaysia
International Trade Exhibition (INTRADE 2010), saying that the exhibition,
covering more than 40 sectors, would provide an excellent avenue for Cambodian
companies to exhibit their products and services to the international market.

-- BERNAMA