Malaysia's NCCIM Intensifies Efforts To Boost Trade, Investment Ties With Nepal Firms

KUALA LUMPUR, Nov 4 (Bernama) -- The National Chamber of Commerce and Industry of Malaysia will intensify its efforts to encourage more local firms to establish trade and investment ties with their Nepalese counterparts. Malaysian Deputy President Jalilah Baba said there are vast untapped opportunities, particularly in the manufacturing sector, that await Malaysian companies in the South Asian country. "Nepal can also become our gateway to the neighbouring markets such as Afghanistan, which is not so open to Malaysia," he told reporters after signing a memorandum of understanding with Nepal Chamber of Commerce President Dr Rajesh Kazi Shrestha here on Friday. Jalilah, who is also Malaysian International Chamber of Commerce and Industry President, said Nepal offers a huge pool of human resources to cater to the needs of our manufacturing activities. "We have been importing a high number of Nepalese workers into our country, so why don't we take our manufacturing activities to their country instead, which is more cost-effective," he argued. Jalilah said Malaysia's palm oil has huge potential in Nepal, not just as cooking oil but also as a component in the manufacturing sector, particularly for household products. In the first eight months of this year, Malaysia-Nepal bilateral trade jumped 61.5 per cent to US$20.35 million (RM85.48 million, US$1 = RM4.19) compared with RM52.94 million in the same period last year. Malaysia's exports to the country for the period soared 64.9 per cent to RM83.81 million from RM50.83 million recorded in the previous year, while imports slid 20.5 per cent to RM1.68 million compared with RM2.11 million a year ago. Malaysia's main exports to Nepal included electronics products (22.4 per cent), as well as palm oil and palm oil-based goods (4.1 per cent). According to the Malaysian Investment Development Authority, there is no foreign direct investment from Nepalese companies recorded in the country to date. --BERNAMA