Malaysia, Ethiopia mull business chamber proposal

Tengku Zafrul Aziz says the Malaysian International Chamber of Commerce and Industry can serve as the secretariat for the Malaysia-Ethiopia business chamber. (Bernama pic) ADDIS ABABA: Malaysia and Ethiopia are set to work together to create the first business chamber between the two countries. Investment, trade and industry minister Tengku Zafrul Aziz said both Prime Minister Anwar Ibrahim and Ethiopian president Taye Atske-Selassie Amde have voiced support for the proposal. He described the proposal, which was made by a delegate during the Ethiopia High-Level Business Forum at the Addis International Convention Centre, as a “good idea”. Tengku Zafrul said the Malaysian International Chamber of Commerce and Industry could serve as the secretariat for the chamber, while his his ministry could facilitate the process. “When we return to Malaysia, we will work with my (Ethiopian) counterpart to ensure the formation of this business chamber happens and that industry players are involved from the start,” he added. Tengku Zafrul said another proposal discussed was the establishment of a joint commission or trade committee to ensure that both governments facilitate and monitor the implementation of the business chamber and its initiatives. The forum was attended by 80 business representatives from Malaysia and 54 from Ethiopia. At a press conference, Anwar said potential deals and investments could be facilitated through different routes, including inter-ministerial, between business chambers, and trade representatives. “Certainly, we are supportive of the idea of strengthening these mechanisms to accelerate that process,” he said. Tengku Zafrul said that initial areas identified for cooperation include manufacturing, property development, construction, infrastructure, logistics, and transportation. Collaboration for Islamic finance In response to a question from another delegate who wanted to know how the two nations could collaborate on Islamic finance, Tengku Zafrul suggested leveraging the role of the International Centre for Education in Islamic Finance (Inceif). Inceif was set up in 2006 to develop talents, including professionals and specialists, in Islamic finance to sustain market competitiveness and meet future challenges in the Islamic finance sector. Tengku Zafrul added that, in terms of capital markets, the Securities Commission Malaysia and Bank Negara Malaysia could work with Ethiopia to develop and strengthen its Islamic finance framework. The minister is part of a Malaysian delegation accompanying Anwar on an official trip to Ethiopia, from Nov 18-20, as part of efforts to expand trade with the African nation. They will travel to Johannesburg, South Africa, for a working visit and to attend the G20 Leaders’ Summit before embarking on an official visit to Nairobi, Kenya.