It's a deal: Youmbouno and Anuar after the signing of of an agreement to share expertise in palm oil.

24/07/2014 (The Star) - The Republic of Guinea is looking up to Malaysia’s expertise in the palm oil sector to boost the two nations’ bilateral trade ties, which was valued at US$45mil (RM143.1mil) last year, and the African republic recently chose to work with K Global Ventures Sdn Bhd (KGV) to start the ball rolling.

Guinea’s Minister of Trade, Marc Youmbouno who was on a visit here recently to meet investors, announced that negotiations have led to the selection of KGV to develop 100,000ha in Guinea to grow and process palm oil.

According to KGV executive director, Datuk Anuar Zaini Binyamin, ”We have received a ‘firm offer’ from the government of Guinea to select a piece of land measuring 100,000ha in the country to get the project started perhaps end of this year.

“We will have access to 400,000ha from which a piece of land measuring 100,000ha will be chosen. We’re to go in and decide which part of the land we want.

“A technical-team will be sent to Guinea from our side in the next couple of months,” Anuar added.

”As an incentive upon the successful planning of palm oil by the first quarter of next year, and if the undertaking is completed within five years from then, the Republic of Guinea will strongly offer land that will double the initial hectarage,” Anuar said

Youmbouno, said, ”Guinea is keen to tap Malaysia’s expertise in Islamic finance, oil and gas, ICT, bio-technology and palm oil industry.

It is about time the two countries raised the economic stake in each other’s trade,” he said, adding that the discovery of petroleum in Guinea as another area of interest for Malaysian businessmen.

“I sincerely hope Malaysia’s International Trade and Industry Ministry will promote Guinea to Malaysians simply because we are looking for opportunities outside the country as the market is limited.

“This is a very fruitful trade mission to Malaysia and I would like to invite Malaysian businessmen and journalists to come and visit our country. There’s a huge potential of doing business in Guinea”, Youmbouno said.

The delegates from Republic of Guinea were here for a special trade mission and taken to Ministry of International Trade & Industry (MITI), Putrajaya, SME Bank, CIDB and Securities of Commision (SC).