Explore Each Other’s Strength To Boost Trade Within Group, D-8 Members Told

Kuala Lumpur, Malaysia | July 09, 2008 by D-8 Secretariat

The Group of Eight developing Islamic countries (D-8) should collectively explore one another’s strength to further enhance trade collaboration within the bloc. In making the call, National Chamber of Commerce and Industry Malaysia (NCCIM) vice-president Datuk Muhammad Muhiyuddin Abdullah said such a move was vital to boost trading figures among member countries.

In recent years, D-8 countries were perceived as a trade bloc, (and) have their total exports and imports to constitute (only) 3.7 percent of the world total trade in average,” he said.

“(In the case of Malaysia) Malaysia’s own performance within the D-8 group has not been very substantive, achieving a total trade volume of US$15.9 million last year.

“We do strongly believe it is time that we collectively explore collaborative avenues that could be relied upon to further enhance and intensify trade collaborations to greater heights,” he said in his keynote address at the opening session of the two-day, D-8 Business Forum which began Thursday, July 3.

Muhammad said the business forum offered the best platform to D-8 member countries as it presented an opportunity to the business community within the group to explore business opportunities and collaborations which could arise from within the D-8 trade bloc. To this end, he urged the business community within the bloc to learn more about details of the preferential trade agreement to better understand such matters.

Muhammad also called the business community within the group to capitalise on discussions and meetings which could be held on the sidelines of the forum.

“As an example, say Nigeria. How can the private sector of D-8 working to some degree of collaboration, leveraging on the strength of its fellow member countries, reap a sizeable portion of the business opportunities, not only in Nigeria, but also seize an effective entry and penetration into the West African market?,” he asked.

Muhammad said Malaysia, as a host D-8 meeting forum, had proposed a focus on three dimensions for the business forum, namely biotechnology, halal industry and renewable energy.

“We are of the opinion that the three dimensions offer ample opportunities where we could work towards business collaborations but at the same time, we should be open to the full span of related industries and even other industries,” he said.

News/photosource: BERNAMA News Agency.

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