SEMINAR ON "BUSINESS AND INVESTMENT OPPORTUNITIES IN VENEZUELA", KUALA LUMPUR, 1 JULY 2008

SEMINAR ON "BUSINESS AND INVESTMENT OPPORTUNITIES IN VENEZUELA" KUALA LUMPUR, 1 JULY 2008

A Seminar on "Business and Investment Opportunities in Venezuela" was held at MIDA Hall, Kuala Lumpur, on Tuesday, 1 July 2008. The Seminar, which was officiated by YB Tan Sri Dato' Hj. Muhyiddin Hj. Mohd. Yassin, Minister of International Trade and Industry of Malaysia, was jointly organized by the Malaysian Industrial Development Authority (MIDA) and the Embassy of the Bolivarian Republic of Venezuela in Kuala Lumpur, and was supported by Malaysia South-South Association (MASSA) and Malaysia External Trade Development Corporation (MATRADE).

The Seminar was held in conjunction with the Third Venezuelan Week in Malaysia whose objectives were to create the awareness of business opportunities in Venezuela as well as to encourage the commercial exchange and to build a strong business relationship between Malaysia and Venezuela in various sectors such as the production and distribution of oil and gas; electrical distribution; petrochemicals; alumina; steel; agriculture; tourism; and consumer products and services, to name a few.

This Seminar also helped the Malaysian participants to understand the different kind of business that come with different investment decisions in Venezuela.

From Malaysia, several high level officials participated in the Seminar such as YBhg. Dato' Afifuddin A. Kadir, Deputy Director General II, MIDA; Mr. N. Parameswaran, Senior Director (Services), MIDA; and a representative from PETRONAS. From Venezuela, its Ambassador to Malaysia; President of the Venezuela - Malaysia Chamber of Commerce (CAVENMA); representatives from SCOMI Venezuela, Petroleos de Venezuela (PDVSA) and Banco de Comercio Exterior (BANCOEX); as well as Captains of Industry and Presidents of Chambers of Commerce from various States of Venezuela, also made their appearances at the Seminar.

During the Seminar, presentations was made by those Venezuelan representatives on various topics such as Venezuela Profile in General; Business Opportunities in the Oil Sector; Industrial Sector in Venezuela; Mission and Goals of the Venezuelan and Malaysian Chambers of Commerce; Business Opportunities in the Venezuelan Private Sector; Exporting to Venezuela; Experiences as Foreign Company Established in Venezuela; Experiences in Doing Business with the Private Sector in Venezuela; Experiences in Oil and Gas Sector; and Cultural Aspects in Doing Business with Venezuela.

More importantly, during the Seminar, the Malaysia - Venezuela Business Council was officially launched - a step forward to establishing regular business contacts among business communities and investors, as well as an initiative to enhance further the economic bilateral relations and to increase the trade volume between the two countries.

On our part, as a follow-up to the Familiarization Visits made by Ambassador Ramlan Kimin to the States of Carabobo and Nueva Esparta in September 2007 and February 2008 respectively, the Embassy of Malaysia in Caracas has been working closely with the President of Venezuela - Malaysia Chamber of Commerce (CAVENMA) as well as with the Mayors, Presidents of the Chambers of Commerce and Captains of Industry of the above-mentioned States, to undertake Business and Investment Missions to Malaysia, and to impress upon them to take this opportunity of the convening of this Seminar, to fully participate by making presentations of their respective States, and by attracting Malaysian business community and investors to start doing business and investing in their States in particular and in Venezuela in general.

It is our hope that, with the participation and commitment of various representatives from Venezuela in this Seminar, it would help boost interest among Malaysian business community and investors to do business and to invest in Venezuela, aimed at enhancing further the economic bilateral relations between Malaysia and Venezuela.

NEWS ARTICLE FROM BERNAMA

KUALA LUMPUR, July 1 − The government wants Malaysian companies to explore business opportunities in Venezuela as eight potential sectors are now awaiting to be tapped.

Deputy International Trade and Industry Minister Datuk Jacob Dungau Sagan said sectors such as petroleum, iron ore mining, construction material, food processing, textile, steel, aluminium and motor vehicle assembly could offer good opportunities to local investors.

"(For example) Malaysia and Venezuela are major oil and gas producers, and therefore there are opportunities for businessmen from both countries to enter into joint-venture partnerships in this sector," he said.

Jacob said this in his keynote address at the opening of the seminar on “Business and Investment Opportunities in Venezuela” here today.

Also present were Venezuela's Ambassador to Malaysia, Manuel Antonio Guzman Hernandez, Malaysian Industrial Development Authority (Mida) chairman Tan Sri Zainal Abidin Sulong and Mida director-general Datuk Jalilah Baba.

Currently, Petroliam Nasional Bhd and Scomi Group Bhd are actively involved in the petroleum products and oil and gas services sector in Venezuela, Jacob said.

He urged Malaysian companies to actively participate in the development of Venezuela's infrastructure projects.

He said apart from Venezuela, Malaysian companies were also actively involved in infrastructure projects in many developing countries, particularly in Asean, India and the Middle East.

Malaysia's total trade with Venezuela increased by 41.1 per cent to US$8 million (RM26.08 million) with exports amounting to US$54.4 million and imports at US$28.6 million.

Major exports to Venezuela were electrical and electronic products valued at US$23.6 million, rubber products (US$4.9 million), crude rubber (US$3.1 million, machinery, appliances and parts (US$2.7 million), and optical and science equipment (US$2.4 million).

Malaysia's major imports were crude petroleum totalling US$17.5 million, iron and steel (US$10.1 million), metal (US$0.3 million), machinery, appliances & parts (US$0.2 million), chemical and chemicals products (US$0.1 million).

The one-day seminar was organised in collaboration between Venezuela's Embassy and Mida, and supported by the Malaysia External Trade Development Corp and the Malaysian South-South Association.