Azmin: Muslim nations must trade more with one another

Azmin: Muslim nations must trade more with one another

KUALA LUMPUR: Muslim countries should activate greater trade and investment to create economies of scale by adopting the Fourth Industrial Revolution (IR 4.0) to generate wealth and prosperity.

Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said joint pacts and strategic geo-economic alliances must be established to create new jobs, wealth and unlock new economic potential.

“It is imperative that the richer and better resourced Muslim countries mobilise their resources to advance the development of new high-skill human capital of the less developed Muslim countries,” he said.

Currently, he said Malaysian private companies are implementing several projects with their counterparts in Qatar, Turkey and Pakistan.

Azmin shared this in his opening speech at the plenary session, “Redistribution of Wealth – Shared Prosperity” held in conjunction with the Kuala Lumpur Summit 2019, today.

He said Malaysia will set up its largest dairy farm in close cooperation with Qatar, leveraging on its technology and expertise.

“We look towards enhancing our cooperation with Turkey, which has an advanced defence industry and now produces over 70% of its own military equipment,” he said.

Car maker Proton Holdings Bhd will build an assembly plant in Karachi by 2021, aimed at generating investments and creating jobs for Pakistanis and spurring commercial activities, Azmin said.

He said Muslim countries should emulate Indonesia in establishing a tech and investment-friendly business environment, where start-ups like online transportation, Go-Jek has established the gig economy.