Malaysian Business Community Urged to Capitalize on Opportunities in Iraq
Malaysia's business community has been urged recently to importune the export and investment opportunities available in Iraq under the oil for food program initiated by the United Nations.
Association of Malay Traders and Entrepreneurs Malaysia (Perdasama) President Datuk Mohammed Izat Emir announced that Iraq needed a great supply of goods including food, furniture, medicines and building materials like tiles, steel, pipes and cables following the severe destruction it suffered during the Gulf war in 1990.
He added that Malaysian traders should take advantage of the opportunities in Iraq before it became competitive once other trade sanctions on the nation were removed in future, the Malaysian Star reported.
While there was no restriction on market opportunities, he urged the Malaysian traders not to neglect product quality and standards as only products that meet international standards could enter the Iraqi market. The UN currently allows a total of $8 billion worth (10 percent of Iraq's real demand) of oil to be traded to enable the country to buy the necessary goods under the food for oil program.
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