Malaysian business drawn to Yemen

The Malaysian Yemeni Festival (MYF) 2010 will be held from March 17th-20th at Sana’a Expo Center, aimed to celebrate the growing bilateral ties and promote economic development in both countries, which would encourage Malaysian entrepreneurs to explore trade and networking potentials, said Malaysian Malay Chamber of Commerce (DPMM) president Syed Ali Alattas.
 
“The MYF 2010 will be a gateway to business networking and investment opportunities in Yemen, which is still an undiscovered country, a place full of opportunities where Malaysian investors can be pioneers,” al-Attas said, highlighting the importance of Yemen’s strategic location, as being near the oil-producing golf countries and African markets and that Aden port, along the southern tip of the Arabian Peninsula, hosts one of the world’s busiest shipping lanes.
 
“The Yemeni government has created a conducive environment for private sector investments to boost socio-economic growth,” al-Attas said, adding that there is a wide range of products that Malaysia can export to Yemen.
 
“There are vast investment opportunities available- from assembling and manufacturing to heavy industry,” Ali added, pointing out to Yemen’s industrial sector, which is expected to grow by 6.6 per cent in 2011 due to the availability of raw materials and a strong labor force.
 
Malaysian companies should not neglect Yemen as they continue to diversify their export markets, he concluded.
 
Malaysia’s exports to Yemen rose to $335 million ($1=RM3.35) in 2008 from $44.6 million in 1990. Until now, Malaysian investments in Yemen are worth $15.5 million, mostly in minerals and mining sectors, Malaysian National News Agency reported.

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