ID :
212559
Thu, 10/13/2011 - 11:25
Auther :
Shortlink :
https://oananews.org//node/212559
The shortlink copeid
FTA OFFERS MALAYSIANS VARIOUS OPPORTUNITIES IN CHILE
SANTIAGO, Oct 13 (Bernama) -- The Malaysia-Chile Free Trade Agreement
(MCFTA), expected to be implemented before the year-end, will offer huge
opportunities for Malaysians to enter the various sectors of the Chilean
economy, said Malaysian Ambassador to Chile S.Ganeson.
"The Free Trade Agreement (FTA) benefits both countries. Malaysia can have
Chile as a gateway to South America as it is the first with a South American
country.
"The FTA should be rectified by the Congress (in Chile) before the end of
the year. The challenge is how to make Malaysians come here," he told Malaysian
journalists visiting Chile on the invitation of the Export Promotion Bureau of
Chile.
The agreement signed in Yokohama last year marked Malaysia's first
bilateral FTA with a Latin American country.
Ganeson sees huge opportunities in various products including food, wood,
furniture and tourism.
"I see opportunities for food products. There are many from other countries
in the supermarkets here. Brahim's products can do very well here.
"Another potential that can be explored is furniture as there is demand
for Malaysian furniture here," he added.
Ganeson has had discussions with Chilean firms, including local distributors
in establishing joint-ventures with Malaysian firms as many Malaysian products
were currently exported through Singapore.
He also said International Trade and Industry Minister Datuk Seri Mustapa
Mohamed was scheduled to visit Chile in the second quarter of next year.
Meanwhile, Chilean President Sebastian Pinera has expressed keen interest
to visit Malaysia and Ganeson expected the visit to take place next year.
He also stressed the need for both countries to explore opportunities in the
aviation sector in order to boost tourism and trade.
"I think once there is connectivity, people can fly here. MAS (Malaysia
Airlines) and LAN Airlines can look into this, whether in the aspect of code
sharing or other ways. MAS and AirAsia should have more routes," said Ganeson.
The ambassador also said there were opportunities for Malaysian batik to do
well in Chile and also identified "halal" areas, including Islamic finance, as
offering potential business.
"As the branding of Malaysia is strong here, we can look at expanding
Islamic finance in Chile," he added.
The FTA is specifically focused on the trade of goods and economic
cooperation, but both countries are also committed to working towards a
comprehensive agreement which would include services and investments.
This is expected to take off within two years of implementing the trade in
goods agreement.
Areas of cooperation which Malaysia and Chile have agreed to undertake
include research and development and innovation, science and technology, trade
and investment, mining and mining-related industry, small-and-medium
enterprises, intellectual property, tourism, education and human capital
development, culture and promotion of tourism.
The FTA will benefit Malaysian exporters as Chile will undertake full
elimination of import duties for 6,960 tariff lines (90.2 per cent of total
tariff lines) upon entry into force of the agreement while Malaysia will impose
duties on 9,311 tariff lines (89.5 per cent).
Meanwhile, between January and July, total trade between Malaysia and Chile
grew 15.2 per cent amounting to RM771.3 million (US$257.1 million) with trade in
Chile's favour the past eight years due to high imports of mining goods.
Malaysia's export recorded a strong double-digit growth of 67.9 per cent
to RM246.3 million (US$82.1 million) in the first six months of the year.
"The signing of the FTA between Malaysia and Chile has provided more
product demands from local importers and retailers. Companies may benefit from
the full implementation and tariff reduction, hopefully by year-end," he said.
The export structure is mainly led by electrical & electronic
products (24.6 per cent) followed by wood products (17.1 per cent), rubber
products (14.2 per cent), chemicals & chemical products (5.7 per cent) and
others.
"Export of wood products increased 91.1 per cent, this is the strongest.
This is mainly contributed by the exports of wooden furniture which increased
89.5 per cent," Ganeson added.
On the other hand, Malaysia's total import from Chile increased to RM525
million (US$175 million), between January and July from RM507.6 million
(US$169.2) recorded in the previous corresponding period.
-- BERNAMA
(MCFTA), expected to be implemented before the year-end, will offer huge
opportunities for Malaysians to enter the various sectors of the Chilean
economy, said Malaysian Ambassador to Chile S.Ganeson.
"The Free Trade Agreement (FTA) benefits both countries. Malaysia can have
Chile as a gateway to South America as it is the first with a South American
country.
"The FTA should be rectified by the Congress (in Chile) before the end of
the year. The challenge is how to make Malaysians come here," he told Malaysian
journalists visiting Chile on the invitation of the Export Promotion Bureau of
Chile.
The agreement signed in Yokohama last year marked Malaysia's first
bilateral FTA with a Latin American country.
Ganeson sees huge opportunities in various products including food, wood,
furniture and tourism.
"I see opportunities for food products. There are many from other countries
in the supermarkets here. Brahim's products can do very well here.
"Another potential that can be explored is furniture as there is demand
for Malaysian furniture here," he added.
Ganeson has had discussions with Chilean firms, including local distributors
in establishing joint-ventures with Malaysian firms as many Malaysian products
were currently exported through Singapore.
He also said International Trade and Industry Minister Datuk Seri Mustapa
Mohamed was scheduled to visit Chile in the second quarter of next year.
Meanwhile, Chilean President Sebastian Pinera has expressed keen interest
to visit Malaysia and Ganeson expected the visit to take place next year.
He also stressed the need for both countries to explore opportunities in the
aviation sector in order to boost tourism and trade.
"I think once there is connectivity, people can fly here. MAS (Malaysia
Airlines) and LAN Airlines can look into this, whether in the aspect of code
sharing or other ways. MAS and AirAsia should have more routes," said Ganeson.
The ambassador also said there were opportunities for Malaysian batik to do
well in Chile and also identified "halal" areas, including Islamic finance, as
offering potential business.
"As the branding of Malaysia is strong here, we can look at expanding
Islamic finance in Chile," he added.
The FTA is specifically focused on the trade of goods and economic
cooperation, but both countries are also committed to working towards a
comprehensive agreement which would include services and investments.
This is expected to take off within two years of implementing the trade in
goods agreement.
Areas of cooperation which Malaysia and Chile have agreed to undertake
include research and development and innovation, science and technology, trade
and investment, mining and mining-related industry, small-and-medium
enterprises, intellectual property, tourism, education and human capital
development, culture and promotion of tourism.
The FTA will benefit Malaysian exporters as Chile will undertake full
elimination of import duties for 6,960 tariff lines (90.2 per cent of total
tariff lines) upon entry into force of the agreement while Malaysia will impose
duties on 9,311 tariff lines (89.5 per cent).
Meanwhile, between January and July, total trade between Malaysia and Chile
grew 15.2 per cent amounting to RM771.3 million (US$257.1 million) with trade in
Chile's favour the past eight years due to high imports of mining goods.
Malaysia's export recorded a strong double-digit growth of 67.9 per cent
to RM246.3 million (US$82.1 million) in the first six months of the year.
"The signing of the FTA between Malaysia and Chile has provided more
product demands from local importers and retailers. Companies may benefit from
the full implementation and tariff reduction, hopefully by year-end," he said.
The export structure is mainly led by electrical & electronic
products (24.6 per cent) followed by wood products (17.1 per cent), rubber
products (14.2 per cent), chemicals & chemical products (5.7 per cent) and
others.
"Export of wood products increased 91.1 per cent, this is the strongest.
This is mainly contributed by the exports of wooden furniture which increased
89.5 per cent," Ganeson added.
On the other hand, Malaysia's total import from Chile increased to RM525
million (US$175 million), between January and July from RM507.6 million
(US$169.2) recorded in the previous corresponding period.
-- BERNAMA
