Trade between Qatar and Malaysia jumps by 77.3pc
Web posted at: 3/26/2007 2:26:10
Source ::: The Peninsula
Malaysian Minister of International Trade and Industry Rafidah Aziz (left) speaking during the Malaysia-Qatar Business Opportunities seminar held yesterday. (SHAIVAL DALAL)
DOHA ? Malaysia's trade with Qatar is on the rise with 2006 figures showing the Southeast Asian nation having done $265.8m worth of business with Doha, an increase of 77.3 per cent over the previous year's total of $149.5m.
At a seminar held yesterday on ?Malaysia-Qatar Business Opportunities' at the Four Seasons Hotel, Malaysian Minister of International Trade and Industry Rafidah Aziz said electrical and electronic products accounted for 47.9 per cent of the total exports, machinery, appliances and parts (18.3 per cent), wood products (8.4 per cent), metal products (six per cent) and iron and steel products 1.6 per cent.
Malaysian imports from Qatar were valued at $79.8m, a 47.5 per cent increase over the preceding year. Crude accounted for 68.7 per cent of Qatar's exports to Malaysia with chemicals and chemical products accounting for a further 30.2 per cent, she said.
Also in attendance at yesterday's seminar was H E Abdulla K Al Qahtani, Under-secretary at Qatar's Ministry of Economy and Commerce, seminar chairman and qatar Chamber of Commerce and Industry (QCCI) board member Mohamad bin Tawar Al Kuwari and Malaysian ambassador to Doha Dato' Ku Jaafar Ku Shaari.
Aziz said Malaysia has just introduced a ?Malaysia? My Second Home' programme under which the country offers 10-year multiple entry visas and added to it, benefits such as permission to invest in property, import cars from home countries duty-free as well as allowing maids to accompany the visa-holder. "We have had 27 people signing on from Saudi Arabia," she said.
Qatar would be a lucrative market for Malaysian telecommunications equipment, considering the country rang up exports of $14.4bn in this particular sector. Other areas of interest would include processed, including halal foods, furniture, household electrical equipment and rubber products.
Aziz said: "I am confident that collaboration can be further enhanced between Malaysian and Qatari companies through joint participation in key areas in Qatar such as construction and facilities management, oil and gas, Islamic financing and insurance."
Malaysia already has an important presence here in the form of work being carried out at the New Doha International Airport (NDIA). Meanwhile, a Qatar Islamic Bank (QIB)led consortium is one of three foreign Islamic banks licensed to provide Islamic banking services and products in Malaysia, she said.
"The Islamic financial sector is an area that offers potential for participation and collaboration between Qatari and Malaysian companies. Since the liberalisation of Malaysia's banking sector in 2004, it is noted there has been keen interest from the Qatari business community," she stated. Other aspects of Malaysia from where Qatar could benefit would include using the country as a production base, healthcare and education, among others, stated the minister.