Malaysia eyes new opportunities in Africa

Malaysia is eyeing to expand local exporters' opportunities in new
markets namely Africa and Latin America, said Ministry of International
Trade and Industry (Miti) secretary-general Datuk Dr Rebecca Sta Maria.


She said this was an initiative taken by the government to look for
more opportunities to assist the industry to grow in the new markets
other than in the market-proven regions.


"We have done well in the Asian market as well as in other
established markets like the US and Europe, hence we like to extend our
reach to other emerging economies in Latin America and Africa," she
added.



She told reporters this after witnessing the signing of a memorandum
of understanding agreement between Hyrax Oil Sdn Bhd and the national
company of Mozambique, Petroleos De Mocambique, S.A (Petromoc) today.






Sta Maria said for this year and going forward, Miti would be focusing
to find and provide opportunities for local exporters in these two new
markets.


"Among the sectors that we are targeting are manufacturing, education, services, construction and oil and gas.


"Since our technology development is more advanced compared to these
markets, we also plan to offer our technology's products and services
there," she added.


Meanwhile, Hyrax Oil managing director Datuk Hazimah Zainuddin said
all the initiatives and assistances provided by the government has
helped the company to expand into the other markets.


Commending on the initiatives and support given by the government to
the company and other industries, she said Hyrax Oil is one of the
successful products from the National Key Economic Area and New Economic
Policy programmes.


"We have also tapped into the very low interest for loan and grant
from Malaysian Industrial Development Finance Bhd for our expansion
programme and so on, hence we gained a lot from the current government,"
she added.


"However, entrepreneurs like us did not depend too much on the
assistance, and the government also teach us and expect the industry not
to depend on government projects but the industry itself can move on,"
she added.



Hyrax Oil, a lubricant manufacturer in Malaysia, has successfully
become a global player in the lubricant industry and produces more than
four million litres of finished products per month on a single shift.


To date, the company has exported to more than 40 countries around the globe.-- Bernama