Plan For International Islamic Investment And Economic Centre At PKFZ

OIC International Business Centre Sdn Bhd is exploring the possibility of acquiring space at the Port Klang Free Zone (PKFZ) to establish an International Islamic Investment and Economic Centre.

OIC International Business Centre Sdn Bhd is exploring the possibility of acquiring space at the Port Klang Free Zone (PKFZ) to establish an International Islamic Investment and Economic Centre. Its chief executive officer Datuk Dr Raja Mohamad Abdullah said he planned to meet Transport Minister Datuk Seri Ong Tee Keat to discuss the matter. He explained that the centre would be a one-stop trade facility for Islamic countries to showcase their products and services while promoting networking within the business community. "I am not interested in the controversy surrounding the PKFZ. My thinking is that the PKFZ could be an ideal location for the economic centre," he told Bernama in an interview. Raja Mohamad said he had been working, promoting and exploring the viability of the centre project, which he first mooted in 1991. He said that previously he had also considered the possibility of acquiring Menara Marinara here and converting it into an Islamic World Trade Centre. But due to some problems, he added, the plan did not materialise. Raja Mohamad is also the CEO of Ramcel Media Sdn Bhd, which publishes the bi-monthly OIC Today magazine and several business directories on OIC countries. He also published the first trade directory for OIC members during the 10th OIC Summit which Malaysia hosted in Putrajaya in 2003. According to Raja Mohamed, he had discussed the plan to take up space at the PKFZ with the business communities of about 12 Islamic countries, including Arab nations, and had received positive feedback. He stressed that the centre would address the difficulty arising from the lack of exposure and a one-stop trade facility to showcase products and services. "This problem makes it difficult for OIC countries to penetrate the markets of fellow members as well as globally," he highlighted. He said that establishing such a centre was also in line with the call by the Malaysian government for OIC countries to increase intra-trade and economic cooperation to tap the huge 1.6 billion global Muslim market. "It is envisioned that the centre could play a significant role in facilitating more trade among the OIC countries. "I believe that an important way to boost trade among OIC countries, is by showcasing their products for exposure.For that, a one-stop trade centre is needed," he said. He pointed out that the OIC's 10-Year Programme of Action adopted at the Extraordinary Summit in Makkah Al-Mukarramah in December 2005, set a goal to raise the level of OIC intra-trade to 20 percent of world trade during the decade until 2015. Raja Mohamad stressed that with some 22 percent of the global population, the OIC's 57 member states accounted only for about 6.8 per cent of the world's total GDP in 2007. The OIC countries have a combined GDP (at purchasing power parity) of US$7,740 billion. He also pointed out that intra-trade between OIC member countries accounted for only about 16.67 percent of total trade in 2008. Raja Mohamad said that he viewed the PKFZ with all its facilities as an ideal, strategic and best location for the planned centre. "If the plan is implemented, it would also in a way help generate more revenue for the PKFZ and business for the surrounding ports," he added. He expressed the belief that the centre would also help place Malaysia as a gateway to Islamic economies. Among the product which OIC countries could showcase are agriculture and agro-based products, manufacturing, food, automotive, tourism, oil and gas, education, healthcare, biotechnology and ICT. Raja Mohamad said that it was high time to develop such a one-stop trade centre as day by day, many Islamic countries despite their huge economic potential and resources, were losing trade and business due to the lack of facilities, infrastructure and exposure for products and services. "There are many Islamic countries which are poor despite having economic potential.I hope that the planned centre will be a help for them to market their products," he added. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=4040&Cat=0