POOR INFO FLOW HAMPERS PRIVATE SECTOR PARTICIPATION IN D8 NATIONS, SAYS

From Muammar Kamarudin

ABUJA (Nigeria), July 8 (Bernama) -- Lack of accurate information on
economic and investment climate in the Group of Eight Developing Countries (D8)
is one of the obstacles hampering private sector participation, says Malaysian
Deputy Foreign Minister A. Kohilan Pillay.

"One of the factors is the poor information disseminated to the private
sector," he told Malaysian journalists who asked why there was still poor
private sector involvement in D8 project proposals.

To effectively address this issue, Kohilan said Malaysia proposed the
creation of the "D8 Business Forum" webpage in the D8 website at the 13th
Session of the D8 Foreign Ministers' Council Meeting Tuesday.

With the availability of the webpage, entrepreneurs from D8 countries can
start networking among themselves via teleconferencing or video conferencing and
not taxing their resources to travel to look for business opportunities or
contracts, he said.

The webpage can also facilitate free flow of trade information, exchange of
business views and suggestions, he said.

Travelling distance among member countries was another reason for private
sector entrepreneurs to feel comfortable to do business or invest in
neighbouring countries, he told a media conference Wednesday.

Set up in 1997, the D8 groups eight Muslim developing nations. They are
Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Kohilan however pointed out that despite the dismal progress in private
sector participation, trade among member states was growing.

He said bilateral trade between Malaysia and Nigeria, which stood at RM1.97
billion (US$615,000) in the last two years, had swelled to RM2.95 billion
(US$921,000).

Asked Whether D8 was still relevant, Kohilan said the grouping was still
relevant due to the increasing investment trend among member countries and they
still have the commitment to implement projects for mutual benefit.

The 13th Session of the D8 Foreign Ministers' Council is part of the agenda
for the 7th D8 Summit here which ends Thursday.
-- BERNAMA