MALAYSIA-OMAN SIGNED MOU ON SMALL AND MEDIUM INDUSTRIES

KUALA LAMPUR A Memorandum of Understanding (MoU) governing small and medium industries was signed between the Sultanate’s Commerce and Industry Ministry and the Malaysian Small and Medium Industries Development Authority on Saturday, 6 June 2009.

Salah Bin Hilal al Mawali, Director-General of the Directorate-General for the Development of Small and Medium Enterprises at the Commerce and Industry Ministry signed the MoU on behalf of the Omani side and Datuk Mohammed Al Amin Haj Abdulmajid, Chairman of the Malaysian Small and Medium Industries Development Authority represented the Malaysian side.

The Sultanate’s ambassador to Malaysia HE Aflah Bin Sulaiman Al Taie expressed his appreciation for the two countries’ efforts, which culminated with the signing of the MoU.

He highlighted the role played by small and medium industries in countries’ economies, the need for increased co-operation in this vital sector, trade exchange, transfer of knowledge, implementation of joint ventures and establishing of contacts between the authorities.

Al Taie said agreements on avoidance of double taxation and investment protection would be signed between the countries soon.

The volume of trade between the two countries stood at $1.1 billion last year, said Abdulmajid, commending the growing relations between the two countries. He pointed out that the Sultanate ranked 33rd on the list of Malaysia’s trade partners.

Malaysian exports to the Sultanate amounted to $230 million while Malaysian imports from the Sultanate amounted to $866 million, an increase of 78 per cent compared to 2007, he added.

Oil and derivatives form 95 per cent of Malaysia’s total imports from The Sultanate, he said and added that Malaysian exports to the Sultanate include palm oil and machinery.