MUSLIM COUNTRIES SHOULD INVEST IN SERVICES, MANUFACTURING - HUSNI

IPOH, June 25 (Bernama) -- Malaysia will call upon Muslim countries to
invest in the development of their services and manufacturing industries at the
coming Islamic Development Bank meeting.

Second Finance Minister Ahmad Husni Hanadzlah said the meeting in Jeddah on
Wednesday would be attended by 57 finance ministers from the Organisation of the
Islamic Conference member states.

The market for services and manufactured products was very big, especially
in the fast-growing halal industry and in this regard, Malaysia would suggest
investment in the rising potential of the halal market, he told reporters after
opening the 15th Annual General Meeting of Koperasi Masjid Perak Bhd here,
Saturday.

He said Malaysia would also propose the setting up of sovereign wealth funds
to invest specifically in halal services and manufacturing.

Many oil-rich Muslim states had invested a lot in the US and Europe, and now
was the time to find opportunities elsewhere, he said adding that the wealth
funds could also be used for economic development of Muslim countries.

Meanwhile, Ahmad Husni said Malaysia had invited New Zealand to send
economists and financial experts to study the Islamic economic system at Bank
Negara Malaysia, Malaysia's central bank.

"During a meeting with the New Zealand finance minister, the country
expressed interest in this field and we invited several experts from there to
learn the system we have established here," he said.

Through understanding, he said, opportunities would emerge for Malaysian
investors to expand their reach to New Zealand.
-- BERNAMA