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Saturday, 11 August 2012

Sudan wants Malaysia to establish Islamic banking

KUALA LUMPUR: The Sudan government has invited Malaysia to help set up Islamic banks in the African country in a move that officials believe will go a long way in facilitating trade and investment financing between both countries.
Last year, total trade between Malaysia and Sudan stood at $94.4 million, an increase of 5.9 percent from 2010.
Sudan’s Ambassador to Malaysia Nadir Yousif Eltayeb said the country welcomes three Islamic banks to set up branches.
Speaking at a press conference on Business Opportunities in Sudan, he said more than 50 Malaysian companies are expected to invest in the country, in selected sectors.
Among these are electrical and electronics, small medium enterprises and halal products.
“There is abundant land in Sudan, and therefore, we would like to focus on agriculture. Sudan is seeking expertise from Malaysia’s Malaysian Agricultural Research and Development Institute (MARDI) and the Federal Agriculture Marketing Authority (FAMA),” Nadir said.
Sudan has at present cultivated corn and basmati rice.
Apart from that, the country which is a major supplier of beef and lamb to Saudi Arabia, also plans to export its meat products to Malaysia, especially during the festive season.
Nadir said Malaysian investors need not worry about the country’s stability as Petronas had managed to do its business there for the past 15 years.
A Malaysia-Sudan Trade and Investment Forum will be held in Khartoum from November 4-5 to highlight business opportunities in the country.
(Bikyamars / 10 August 2012)

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