Iraqi Businesses Scout Investment Opportunities In Malaysia

KUALA LUMPUR, Feb 10 (Bernama) -- Iraqi businesses are scouting for investment opportunities in Malaysia with the key focus on the construction, transportation and island tourism sectors. This is according to Haitham Alhir who is leading an eight-member delegation from the Iraq Business Council to discuss and explore investment opportunities in both countries. "We are looking to be accepted in Malaysia and will be looking at the quality of services to ensure opportunities in trading between both countries are met," he added. The Iraq delegation had a meeting on Tuesday with the Malaysia Iraq Trade and Business Council (MITBC) which initiated the visit. Haitham said his side was also keen on technology transfer in respect of businesses to be undertaken in Malaysia and other sectors of interest were information technology, services, education and manufacturing. In a statement, MITBC Chairman Professor Dr Abdul Kabur Ibrahim said there is strong potential for Malaysian businesses to collaborate with their Iraqi counterparts in the rubber-based, automotive parts and accessories, furniture, building materials, and prepared food industry sectors. "Many of the representatives from the Iraq Business Council are from steel & machinery factories, the oil & gas industry, import-export concerns, highways and roadworks, as well as from the legal fraternity," he added. Abdul Kabur said total trade with Iraq in 2016 stood at RM670 million (about US$168 million) of which RM410 million in exports came mainly coming from palm oil-based products, wood, food and rubber & plastics. "Of the RM260 million in imports, most were from the petroleum products segment," he added. The Iraqi representatives would be visiting factories in Kuala Lumpur and Selangor over the next three days to understand better the businesses availablem and to get an idea of the industries in Malaysia. Malaysian businessmen who attended the meeting enquired on joint ventures as well as connecting with potential partners in Iraq for the long haul. They were mostly from the education and training services industry, import and export businesses, rubber-based, furniture and food product sector, construction and logistics as well as investment consultancies. -- BERNAMA