ID :
16685
Fri, 08/22/2008 - 18:02
Auther :
Shortlink :
https://oananews.org//node/16685
The shortlink copeid
GCC-ASEAN ECONOMIC CENTRE TO INCREASE TRADE TIES BETWEEN MALAYSIA AND THE GCC
KUALA LUMPUR, Aug 22 (Bernama) -- The establishment of the Gulf Cooperation Council(GCC)-Asean Economic Centre(GAEC) here, is expected to further strengthen economic ties between the GCC and Asean countries through the facilitation of inter-regional trade and investment activities.
The Minister of International Trade and Industry, Muhyiddin Yassin said the centre would likely pave the way for businessmen in Malaysia and Asean to expand operations in the Middle East while providing opportunities for theirGCC counterparts to explore possibilities in the region.
"We hope to see every year a positive increase in terms of trade investment not only in Malaysia and the GCC but also the rest of Asean," he told reportersafter the launch of the centre here Thursday.
As of June this year, total trade between the GCC and Malaysia stood at about US$9.5 billion.The GCC's investment in Malaysia was about US$3.6billion.
Muhyiddin said there was still room for trade expansion especially with indications that the number of investments from the Gulf region was growingrapidly.
He said Malaysia offered various business opportunities for companies fromthe GCC to invest in the manufacturing and services sector.
Located strategically in Asean, Malaysia could be a springboard for GCC companies to penetrate the regional market which has a population of 570 millionwith a combined GDP of US$1.1 trillion, he added.
At the launch, Muhyiddin also witnessed the signing of a Memorandum of Understanding (MoU) between the GAEC and Gulf Petroleum. It will see the GAEC arranging the participation of national oil companies from the GCC countries inGulf Petroleum projects in Malaysia.
Meanwhile, the secretary-general of the Federation of GCC Chambers, Abdulrahim Hasan Naqi said the centre would be a link between the private sectorand government to facilitate possible trade opportunities.
The Federation has for the moment identified the food and agriculture sector as potential investment opportunities and is interested in working withMalaysian companies.
The Minister of International Trade and Industry, Muhyiddin Yassin said the centre would likely pave the way for businessmen in Malaysia and Asean to expand operations in the Middle East while providing opportunities for theirGCC counterparts to explore possibilities in the region.
"We hope to see every year a positive increase in terms of trade investment not only in Malaysia and the GCC but also the rest of Asean," he told reportersafter the launch of the centre here Thursday.
As of June this year, total trade between the GCC and Malaysia stood at about US$9.5 billion.The GCC's investment in Malaysia was about US$3.6billion.
Muhyiddin said there was still room for trade expansion especially with indications that the number of investments from the Gulf region was growingrapidly.
He said Malaysia offered various business opportunities for companies fromthe GCC to invest in the manufacturing and services sector.
Located strategically in Asean, Malaysia could be a springboard for GCC companies to penetrate the regional market which has a population of 570 millionwith a combined GDP of US$1.1 trillion, he added.
At the launch, Muhyiddin also witnessed the signing of a Memorandum of Understanding (MoU) between the GAEC and Gulf Petroleum. It will see the GAEC arranging the participation of national oil companies from the GCC countries inGulf Petroleum projects in Malaysia.
Meanwhile, the secretary-general of the Federation of GCC Chambers, Abdulrahim Hasan Naqi said the centre would be a link between the private sectorand government to facilitate possible trade opportunities.
The Federation has for the moment identified the food and agriculture sector as potential investment opportunities and is interested in working withMalaysian companies.
