ID :
163242
Wed, 02/23/2011 - 08:35
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Shortlink :
https://oananews.org//node/163242
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M'sia hopes to see double-digit growth in trade with South Africa
KUALA LUMPUR, Feb 23 (Bernama) -- Malaysia expects to see double-digit
growth in annual trade with South Africa this year, says Malaysia External Trade Development Corporation (Matrade).
Chief Executive Officer Datuk Noharuddin Nordin said Malaysia's total trade with South Africa last year was 35 per cent higher than in 2009, amounting to RM5.3 billion (US$1.70 billion), with exports totalling RM2.79 billion (US$0.9 billion)and imports RM2.57 billion (US$0.83 billion).
Globally, South Africa ranks Malaysia's 25th largest trading partner, and among African countries, South Africa was Malaysia's largest trading partner last year.
"It was also the second largest export destination and the largest source of import last year, he told reporters after delivering his welcoming speech at "Doing Business in South Africa" seminar here Wednesday.
Malaysia's major exports to South Africa are electrical and electronic products, palm oil-based products, chemical and chemical products and processed food.
"There are a lot of opportunities there. Matrade is not only looking to just invest, but want Malaysian businessmen to explore and market their products and services and make South Africa the gateway to other African nations," he said.
Meanwhile, South Africa's major imports are iron and steel products, metalliferious ores, metal scrap and metal manufactures.
Last year, Malaysia was the 23rd largest export market and 20th biggest source of imports in South Africa.
South Africa's High Commissioner to Malaysia Thami Mseleku, who was at the seminar, said businessmen in his country were looking for competitive products.
In Asian context, he said, Malaysia produced good quality products compared to China eventhough they may be cheaper.
Meanwhile, market intelligence compiled by Matrade showed franchising was one of the business sectors that contributed to South Africa's economy, which could be one of the opportunities for Malaysia.
Another opportunity was in the security services as currently South Africa was really concerned about security and was willing to pay up to 50 billion rands per year to be safe, according to the intelligence report.
growth in annual trade with South Africa this year, says Malaysia External Trade Development Corporation (Matrade).
Chief Executive Officer Datuk Noharuddin Nordin said Malaysia's total trade with South Africa last year was 35 per cent higher than in 2009, amounting to RM5.3 billion (US$1.70 billion), with exports totalling RM2.79 billion (US$0.9 billion)and imports RM2.57 billion (US$0.83 billion).
Globally, South Africa ranks Malaysia's 25th largest trading partner, and among African countries, South Africa was Malaysia's largest trading partner last year.
"It was also the second largest export destination and the largest source of import last year, he told reporters after delivering his welcoming speech at "Doing Business in South Africa" seminar here Wednesday.
Malaysia's major exports to South Africa are electrical and electronic products, palm oil-based products, chemical and chemical products and processed food.
"There are a lot of opportunities there. Matrade is not only looking to just invest, but want Malaysian businessmen to explore and market their products and services and make South Africa the gateway to other African nations," he said.
Meanwhile, South Africa's major imports are iron and steel products, metalliferious ores, metal scrap and metal manufactures.
Last year, Malaysia was the 23rd largest export market and 20th biggest source of imports in South Africa.
South Africa's High Commissioner to Malaysia Thami Mseleku, who was at the seminar, said businessmen in his country were looking for competitive products.
In Asian context, he said, Malaysia produced good quality products compared to China eventhough they may be cheaper.
Meanwhile, market intelligence compiled by Matrade showed franchising was one of the business sectors that contributed to South Africa's economy, which could be one of the opportunities for Malaysia.
Another opportunity was in the security services as currently South Africa was really concerned about security and was willing to pay up to 50 billion rands per year to be safe, according to the intelligence report.
