30/05/2011 (Borneo Post) - The nation’s trade with Africa has increased over six folds from RM4.28 billion in 2001 to RM25 billion last year, says Malaysia External Trade Development Corporation (Matrade).

The agency also noted that the average annual growth rate between the two parties within this period was 22.3 per cent.

“Bilateral trade expanded by 51.7 per cent last year against 2009  to US$5.11 billion (RM17.99 billion). Top trading partners for Malaysia were Egypt, South Africa, Benin, Togo, Djibouti, Algeria, Ghana, Nigeria, Mauritius and Tanzania,” said Matrade to The Borneo Post via e-mail.

More specifically, exports expanded by six folds from RM3.02 billion in 2001 to reach RM15.79 billion last year, it added, while imports rose by eight folds from RM1.27 billion in 2001 to RM9.21 billion last year.

Throughout January to March this year, bilateral trade between Malaysia and Africa was valued at RM6.7 billion, with total exports valued at RM3.97 billion and total imports at RM2.73 billion. Additionally, the country recorded a trade surplus of RM6.57 billion with Africa to date.

“Palm oil continued to be the major export to Africa, amounted to 48.9 per cent share of total exports in 2010. Exports of these products expanded by 77 per cent to reach RM7.72 billion.

“On the other hand, major imports from the region comprised mainly crude petroleum, which constituted 43 per cent of total share of import, valued at RM3.93 billion,” it highlighted.

Further demonstrating the significance of the Malaysia-Africa trade partnership, Matrade would be organising the Malaysia-Africa Business Forum (MABF) this June 18 at the Putrajaya International Convention Centre. The forum, themed ‘Exploring New Dimensions’, would be held in conjunction with the Langkawi International Dialogue (LID) 2011 here.

“This forum will focus on the importance and value of enhancing economic and business relations between Malaysia and Africa, given the changing socio economic landscape. MABF will feature prominent international speakers from renowned organisations presenting a variety of topics with a holistic view of the subject – from the advantages of doing business in Africa to the numerous opportunities available in the continent,” Matrade explained.

It also added that MABF would be open to both Malaysian and African business communities, apart from respective ministries, agencies, foreign embassies, trade offices, chambers of commerce as well as trade associations.

“There is no registration fee,’ the agency underscored. “However, pre-registration is required. Those wishing to register can do so at www.matrade.gov.my, or email their details to registermabf2011@gmail.com before the closing date for registrations this May 31.”

The half-day MABF event would witness the opening address by the Deputy Prime Minister Tan Sri Muhyiddin Yassin, while the keynote address would be delivered by former Prime Minister, Tun Dr Mahathir Mohamad.