Export to OIC countries to grow 5 per cent this year

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Datuk Ahmad Maslan

Datuk Ahmad Maslan

KUALA LUMPUR: Malaysia’s export to the Organisation of the Islamic Conference (OIC) countries is expected to increase by five per cent this year, from US$19.99 billion (RM80.7 billion) recorded last year, said International Trade and Industry Deputy Minister Datuk Ahmad Maslan.

In the first quarter of this year, total exports to OIC countries stood at RM19.21 billion, up 12.9 per cent, compared with the same period a year ago.

Ahmad said the growth projection was based on the promising economic prospects for OIC countries, as well as, the fact that Malaysia offered  opportunities not only in trade and investment in halal goods and services but also in the oil and gas industry.

“Exports to OIC countries can be expanded further to include other halal-based products like cosmetics, medicine and services.

“Malaysia and other OIC countries are Muslim countries and this makes it easier to trade with each other compared with non Muslim countries,” he told  reporters after breaking fast with ambassadors from Islamic countries, organised by MITI and the Malaysia External Trade Development Corporation (Matrade) yesterday night.

Ahmad Maslan said ambassadors from Afghanistan and Pakistan showed their interest to work together with Malaysia especially in services related to the oil and gas infrastructure.

Earlier, in his speech, Ahmad said Malaysia and OIC countries should build a broader and stronger cooperation, as well as, create more opportunity for  mutual benefits of related parties and their people in the years to come.

He said focus should be centred on raising trade volume, creating awareness about Malaysia-OIC products and industries’ capabilities while exploring new markets together.

Nevertheless, market access problems such as tariff and non-tariff barriers, lack of mutual recognition of standards, the existence of licences, quotas and export ban, lack of information on markets and business opportunities and complexity of administrative procedures related to foreign trade at customs level, banking and port, should be addressed.

The volume of intra-OIC trade is growing and last year, it expanded by 9.4 per cent to reach US$878 billion. — Bernama