Malaysia eyes trade boost with North Korea

KUALA LUMPUR: Malaysia hopes to increase trade with North Korea via the 13th Malaysia International Branding Showcase (IBS 2016), said Malaysia External Trade Development Corp (Matrade) Chief Executive Officer, Datuk Dzulkifli Mahmud.

He said Malaysia’s trade with North Korea amounted to RM22.72 million in 2015, of which exports were RM17.54 million and imports at RM5.18 million.

Dzulkifli said 18 North Korean companies would take part in the showcase, which would be held from Dec 8-11 here.

“The showcase will help facilitate trade and investments as well as establish new business relationships,” he said at a media briefing here yesterday.

He said Matrade expected to see an increase in participation from the North Korean companies at this year’s showcase this year compared to last year’s four.

“North Korea is now looking at using Malaysia as a gateway to South-East Asian markets as it finds the country businessfriendly with pro-business policies,” he said.

Of late, North Korean has been active in participating in trade fair overseas to promote its products and Malaysia was its first stop in South-East Asia countries, he said.

“Our relationship with North Korea has been growing positively for the past few years. There are still a lot of unchartered areas that both nations can explore for the benefit of our trade and economy as a whole,” he said.

He said North Korea imported refined oil, natural rubber and palm oil from Malaysia and Malaysia has sources electrical and electronic products, chemicals and chemicals products, iron and steel products from North Korea.

The IBS 2016 is an international trade fair organised by ES Event Management Sdn Bhd, with 350 participating companies from Malaysia, China, Indonesia, Taiwan, North Korea and other Asean countries.

Amongtheproductsshowcased are cosmetics, soap, food products, health food medicines, gemstones and clothes and shoes. — Bernama