Malaysia Identifying New Export Markets, Says Second Finance Minister

PUTRAJAYA (Malaysia), May 26 (Bernama) -- Malaysia is identifying new export markets including cooperating with Indonesia to expand the market for palm oil and other products, said Second Finance Minister Ahmad Husni Hanadzlah. Following the rebalancing of China's market, he said Malaysia was looking at new markets in certain areas to enhance Malaysia's exports and correct the balance of payment. "We need to find new sources of export especially for palm oil. Malaysia and Indonesia need to cooperate further. China is our biggest market (for palm oil) and we looking at improving our market share there. "Besides, other key areas that we can benefit from is developing the tourism sector further. "The tourism industry and related agencies should have more links with China," he told reporters after witnessing the signing of the Corporate Integrity Pledge by five development financial institutions here Thursday. The institutions are Bank Simpanan Nasional, Bank Kerjasama Rakyat, SME Bank, Bank Pembangunan Malaysia Bhd and EXIM Bank. Present were Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Dr Abu Kassim Mohamed, Deputy Finance Ministers Chua Tee Yong and Johari Abdul Ghani. When asked how the rebalancing would affect the ringgit, Ahmad Husni said it would not have much impact. However, he said the ringgit was affected by the perception that when the US Federal Reserve raises interest rates in June, there might be the possibility of a capital flight, Ahmad Husni also said the ringgit was among the strongest among other Asian currencies in the first quarter of this year. He also denied that Malaysia's exports were shrinking. "If it (exports) shrinks, it will not be by a big percentage. We can cover or offset with other sources," he said. -- BERNAMA