Malaysia and IDB to strengthen collaboration

| 23/06/2016 | Reply

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said IDB had the connectivity and could play the lead role in uplifting the economic strength of its member countries. —Picture by Saw Siow FengSecond Finance Minister Datuk Seri Ahmad Husni Hanadzlah said IDB had the connectivity and could play the lead role in uplifting the economic strength of its member countries. —Picture by Saw Siow FengPUTRAJAYA

Malaysia and the Islamic Development Bank Group (IDB) will strengthen it collaboration to facilitate the transfer of expertise and sharing of development experience especially with low income member countries.

In a statement, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said IDB had the connectivity and could play the lead role in uplifting the economic strength of its member countries.

“Furthermore, IDB can be used as a platform to formulate a long-term solution that will bring development and raise income level of low income member countries,” he said.

Regarding all members as “One Ummah”, Ahmad Husni noted that for long-term shared prosperity to be achieved, IDB would need to assist member countries by employing a holistic approach, including strengthening member countries’ facility to formulate medium to long-term development planning and transformation of government, economic and human resources, including education.

“Malaysia could support IDB in this circumstance, with the enhancement of IDB Regional Office Kuala Lumpur as a hub for knowledge and research excellence, especially given Malaysia’s experience in development planning such as the Malaysia Plan, Government Transformation Programme and Economic Transformation Programme,” he said.

Ahmad Husni said the regional hub could also be a sharing centre for other Malaysian successes such as the implementation of Public Private Partnership, Islamic Finance, pilgrimage savings institution such Tabung Haji and the development of the halal industry.

“In this regards, Malaysia and IDB could explore the development of joint-capacity building programmes, the development of a halal ecosystem in IDB member countries, develop a cooperation of network to unlock business opportunities in relation to investment and trade among OIC countries and non-OIC countries and the possibility of harmonization of standards and licencing in IDB member countries,” he said.

For IDB to leverage the “One Belt, One Road”, Ahmad Husni said Malaysia could provide the link by providing more funds and assistance to aid in the development of IDB’s member countries.

Ahmad Husni, who led a delegation to IDB Headquarters in Jeddah, Saudi Arabia, today met the President of IDB Tan Sri Dr Ahmed Mohamed Ali-Al Madani.

The working visit stemmed from an invitation by Ahmed Mohamed and a continuation of matters discussed during the 41st IDB Annual General Meeting held in Jakarta, Indonesia, in May.

Ahmed Mohamed thanked Malaysia for all the support it has given in the development of the ummah.

He also commended Malaysia for being an active partner of IDB and its generosity in terms of knowledge sharing.

The discussion between the Malaysian delegation and IDB continued with a series of meeting at the working level.

The culmination of the series of discussion is the renewing of the Member Country Partnership Strategy (MCPS) 2016-2020.

Currently, the draft Memorandum of Understanding is undergoing technical and legal review.

ARTICLE TWO

Dubai’s DMCC and China’s Zhongwei Sign MoU to Boost Trade along the ‘One Belt One Road’
The Nigzia Provnce overseas a large trade in Halal food.

ARTICLE THREE

Export to OIC countries to grow 5 per cent this year

KUALA LUMPUR: Malaysia’s export to the Organisation of the Islamic Conference (OIC) countries is expected to increase by five per cent this year, from US$19.99 billion (RM80.7 billion) recorded last year, said International Trade and Industry Deputy Minister Datuk Ahmad Maslan.

In the first quarter of this year, total exports to OIC countries stood at RM19.21 billion, up 12.9 per cent, compared with the same period a year ago.

Ahmad said the growth projection was based on the promising economic prospects for OIC countries, as well as, the fact that Malaysia offered  opportunities not only in trade and investment in halal goods and services but also in the oil and gas industry.

“Exports to OIC countries can be expanded further to include other halal-based products like cosmetics, medicine and services.

“Malaysia and other OIC countries are Muslim countries and this makes it easier to trade with each other compared with non Muslim countries,” he told  reporters after breaking fast with ambassadors from Islamic countries, organised by MITI and the Malaysia External Trade Development Corporation (Matrade) yesterday night.

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Category: Asia, Finance & Investment, Halal Integrity, Middle East & Africa

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