ID :
45627
Sat, 02/14/2009 - 13:54
Auther :
Shortlink :
https://oananews.org//node/45627
The shortlink copeid
DEVELOPING COUNTRIES SHOULD ESTABLISH OWN FINANCIAL INSTITUTION
KUALA LUMPUR, Feb 14 (Bernama) -- The international grouping of Third World countries should initiate a special financial institution to cater for the financial needs of its members, Venezuelan ambassador to Malaysia Manuel Guzman said Friday.
He said such an institution was relevant and timely in light of the global
recession which saw economies of the superpower like the United States and
Britain tumble.
"We need to work together to find new solutions to these problems. And I
believe that we, the countries that are considered as the Third World, should
establish our own financial institution that can look after the interests and
needs of the developing countries," he said in an interview with Bernama at
Wisma Bernama here Friday.
Citing the success of the Nam News Network (NNN) as a good example, Guzman
said member countries of the South-South cooperation could pool their resources
and expertise to establish such institution, which in the long run would reduce
dependency on global institutions like the International Monetary Fund (IMF) and
the World Bank.
NNN was established in 2006 to counter biased news reporting on the
developing world by established global media, which are largely owned by the
developed countries.
Malaysia and Venezuela are members of the Non-Aligned Movement (NAM) and
G-15 under the framework of South-South cooperation.
"The Third World countries have different kinds of problems from the
developed countries. So only we can understand our problems and find more viable
solutions to them," Guzman added.
Earlier, the three-member Venezuelan delegation had a meeting with Bernama
general manager Hasnul Hassan.
Kuala Lumpur and Caracas have continued to enjoy cordial relations since
starting diplomatic ties in 1986.
Bilateral trade between the two countries, however, remains low with total
trade value only at RM163.81 million last year compared with about RM272.9
million in 2007.
Malaysia's major exports to Venezuela include natural rubber, rubber based
products (for making tyres, gloves, footwear), automotive gears (engine
components, brake parts, aluminium wheels and accessories), electrical and
electronic as well as man-made staples.
Imports from Venezuela are mainly iron and steel, machinery and scaffolding
equipment.
Guzman said more proactive efforts must be taken to boost tourism between
both countries.
Among the steps that could be taken, he said, were to push for more flight
frequencies between both countries and to increase tourism promotional and
publicity programmes.
"The distance between both countries may become the biggest obstacle in
terms of tourism but I hope that with more commitment from the governments it
will facilitate tourist arrivals.
"In fact, many Venezuelans who have visited Malaysia are impressed with the
country," he added.
-- BERNAMA
He said such an institution was relevant and timely in light of the global
recession which saw economies of the superpower like the United States and
Britain tumble.
"We need to work together to find new solutions to these problems. And I
believe that we, the countries that are considered as the Third World, should
establish our own financial institution that can look after the interests and
needs of the developing countries," he said in an interview with Bernama at
Wisma Bernama here Friday.
Citing the success of the Nam News Network (NNN) as a good example, Guzman
said member countries of the South-South cooperation could pool their resources
and expertise to establish such institution, which in the long run would reduce
dependency on global institutions like the International Monetary Fund (IMF) and
the World Bank.
NNN was established in 2006 to counter biased news reporting on the
developing world by established global media, which are largely owned by the
developed countries.
Malaysia and Venezuela are members of the Non-Aligned Movement (NAM) and
G-15 under the framework of South-South cooperation.
"The Third World countries have different kinds of problems from the
developed countries. So only we can understand our problems and find more viable
solutions to them," Guzman added.
Earlier, the three-member Venezuelan delegation had a meeting with Bernama
general manager Hasnul Hassan.
Kuala Lumpur and Caracas have continued to enjoy cordial relations since
starting diplomatic ties in 1986.
Bilateral trade between the two countries, however, remains low with total
trade value only at RM163.81 million last year compared with about RM272.9
million in 2007.
Malaysia's major exports to Venezuela include natural rubber, rubber based
products (for making tyres, gloves, footwear), automotive gears (engine
components, brake parts, aluminium wheels and accessories), electrical and
electronic as well as man-made staples.
Imports from Venezuela are mainly iron and steel, machinery and scaffolding
equipment.
Guzman said more proactive efforts must be taken to boost tourism between
both countries.
Among the steps that could be taken, he said, were to push for more flight
frequencies between both countries and to increase tourism promotional and
publicity programmes.
"The distance between both countries may become the biggest obstacle in
terms of tourism but I hope that with more commitment from the governments it
will facilitate tourist arrivals.
"In fact, many Venezuelans who have visited Malaysia are impressed with the
country," he added.
-- BERNAMA
