KUALA LUMPUR, May 10 (Bernama) -- Islamic countries need to improve their
economic conditions and diversify their business sectors to enhance trade among
themselves.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said
trade among Islamic countries had declined currently compared with the 1990s
period.
The decline was due to less cooperation such as memorandum of
understanding and free trade agreements being done among them, caused by the
lack of development in the countries.
"Islamic countries have to improve their gross domestic product growth
and diversify their economic sectors to spur more collaboration and trade among
themselves," he said at the Malaysia-Islamic Development Bank Group Investment
Forum here today.
Mustapa was one of the panellists in the session entitled "Recent Economic
Development and Investment Opportunities in Malaysia".
On addressing the opportunities in Malaysia, he said the country offered a
lot of investment opportunities such as in Islamic banking, services,
manufacturing and property sectors.
Citing an example, he said the country planned to issue a mega Islamic
banking licence to cater to the demand for Islamic banking products.
He said investors from Islamic countries are also welcomed to participate in
the development of the five economic corridors in Malaysia.
The corridors are Northern Corridor Economic Region, Eastern Corridor
Economic Region, Sarawak Corridor of Renewable Energy, Sabah Development
Corridor and Iskandar Malaysia.
Mustapa had also urged for the establishment of more business councils to
facilitate cooperation among businessmen in the Islamic countries.
He said business councils should play an active role to promote
collaboration, complementing the role of government agencies such as Malaysia
External Trade Development Corporation, Malaysian Investment Development
Authority and the ministry itself.
Last year, Malaysia''s trade with the Organisation of Islamic Cooperation
countries totalled RM115.87 billion.
-- BERNAMA
MKI MKI NN