PUTRAJAYA: 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.
FURTHER DIVERSIFY: 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, saya Mustapa during the opening of the inaugural MABF at PICC (pictured here.)
In making the call, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said much needed to be done to bring cross-border trade and investment to greater heights as 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 yesterday.
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