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THE GOLD DINAR RESEARCH GROUP

Gold dinar will boost palm oil mart among Islamic countries

UTUSAN EXPRESS 31/10/2002

KUALA LUMPUR Oct 31 - Using gold dinar can boost the palm oil market among the Islamic countries, Deputy Minister of Primary Industries Datuk Anifah Haji Aman, said here today.

"In terms of the industry itself, at least the Islamic countries can trade freely by using this as a trade settlement mechanism," he said at a "Business Matching Session with Iranian Delegation" organised by the Malay Businessmen & Industrialists Association of Malaysia (PERDASAMA), to welcome the delegation.

He said that in the case of Malaysia, it is the world's largest producer of palm oil and shipped more than seven million tonnes between January and September this year.

"With the support of our fellow Muslims and consumers around the globe we anticipate by the close chapter of 2002, the production will reach 12 million tonnes," he added,

He said that the gold dinar was an idea mooted by Malaysia to help developing nations to expand mutual procuring activity, while reducing the over dependency on the developed nations for any trade settlement.

"Besides using their trade surplus to finance its own development, the proposal is seen as curtailment on currency manipulation, which has experienced contagious financial crisis," he said.

Anifah invited the Iranians to venture into the oil palm industry, which has potential to expand in Iran.

He said that Malaysia's palm oil exports to Iran have increased to 70,000 tonnes in 2001 from only 15,000 tonnes the year before.

By next year, Malaysia expected to increase the existing export quantity through aggressive promotion, he said.

Anifah said that the ministry welcomed any inquiries from the Iranian business circles to discover more about Malaysia's primary industries.

Meanwhile, he said that PERDASAMA, as a business related non-governmental body could assume a greater role to maximise the ties between both countries.

PERDASAMA president Datuk Moehamad Izat Emir said that the association was embarking on fostering professional links between exporters and importers of the respective trading nations, and is introducing a group of potential Malay businessmen to be investors and trade partners with their Iranian counterparts.

The organisation also disseminates the latest information on the existing Malaysian market, and the economic scenario to boost Malaysia's trade advantage.