PRIVATE SECTOR ASKED TO SET UP MORE BUSINESS COUNCILS

By Wan Nor Azura Mior Abd Aziz

PUTRAJAYA, June 18 (Bernama) -- The private sector should initiate the
establishment of more business councils between Malaysia and African countries
as a mechanism to build and strengthen two-way business linkages.

In making the call, International Trade and Industry Minister Mustapa
Mohamed said much needs to be done to bring cross-border trade and investment to
greater heights as such the private sector cannot rely on the government
initiatives alone.

The current range of products traded between Malaysia and African countries
were limited to palm oil and should be further diversified to include other
products, he said at the opening of the inaugural Malaysia Africa Business Forum
(MABF) at the Putrajaya International Convention Centre here Saturday.

Palm oil export accounted for 49 per cent of Malaysia's exports to the
African continent followed by electrical and electronic products.

Major imports from Africa included crude petroleum (43 per cent), followed
by iron and steel products.

Over the last decade, Malaysia's trade with Africa rose at an average annual
growth rate of 22 per cent to US$7.8 billion last year, from US$1.1 billion,
recorded in 2001.

Today, Africa accounts for just two per cent of Malaysia's total trade.

"So, there is considerable scope for increased trade between our two
territories," Mustapa added.

The forum is being held on the eve of the three-day Ninth Langkawi
International Dialogue (LID) to be attended by 16 African and Caribean countries

-- BERNAMA