MITI TO ENGAGE AMCC TO ENHANCE TRADE RELATIONS WITH ARAB COUNTRIES

27 August 2019, Mandarin Oriental Hotel, Kuala Lumpur, Malaysia — The Ministry of International Trade and Industry (MITI) will enhance its engagement with the Arab Malaysian Chamber of Commerce (AMCC) to further trade relations with the 16 Arab League member states.

“As the Middle East has been one of the key trading partners for Malaysia, MITI through our agency MATRADE shall engage in a continuous dialogue with partners and counterparts from your respective countries, in order to enhance our trade relations,” said Deputy Minister of International Trade and Industry, Dr. Ong Kian Ming in his keynote speech at the AMCC Business Symposium and 9 Annual General Meeting (AGM) held in Kuala Lumpur today.

Malaysia has become among the ‘investment destination of choice’ for many Arab investors due to its strong economy, favourable policies and an enabling infrastructure. This is exemplified through Malaysia’s No. 1 ranking by CEOWorld Magazine as the best country in the world to invest in or do business in 2019 amongst 67 countries; ahead of Poland, the Philippines, Indonesia, Australia and Singapore.

In order to remain in pole position as the most attractive nation in the world for FDls, Government policies and strategies post-2020 and beyond, need to be realigned to cater to the evolving business climate.

Dr. Ong also invited all AMCC members to leverage on Malaysia’s strength in market access, being part of the ASEAN Economic Community (AEC) plus many other free trade agreements (FTAs). “Through Malaysia’s strong economic ties and trade relations with many other countries, we can serve as your doorway to various other markets in this region and beyond,” he emphasised to AMCC members.

Meanwhile, AMCC President Datuk (Dr.) Hafsah Hashim said that AMCC wants to unleash the largely-untapped potential of the halal industry and Islamic finance sector between its Arab members and Malaysia. “Both areas are within the mutual interests and common capabilities among the AMCC members to be further explored and developed,” she said. Malaysia has established the most comprehensive halal industry and halal hub in this region, complete with supporting infrastructure and enabling ecosystem. This is in addition to becoming a full-fledged Islamic finance hub over a period of three-and-a-half decades, with various Syari’ah-compliant products being offered by private financial institutions.

“| firmly believe that the halal industry and Islamic finance sector should be integrated to leverage on each other’s strength and opportunities, in order to boost Islamic trade activities globally,” suggested Datuk (Dr.) Hafsah.

The event was sponsored by Arab Potash. The Business Symposium featured panellists from Labuan FSA, CIMB Islamic and Bank islam whom discussed the topic ‘Malaysia as a Leader in Islamic Financing’.