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Overwhelming trade enquiries received to explore business opportunities in the wood-based and non-wood-based sectors of Sarawak
Posted on : 21 Jul 2022
 

Kuching: 18 July 2022 - Sarawak Timber Industry Development Corporation (STIDC) participated in the High-Level Dialogue on ASEAN-Italy Economic Relations to explore business collaborations with Italian and ASEAN counterparts.

“There were overwhelming trade enquiries to explore business opportunities in the wood-based and non-wood-based sectors of Sarawak during the B2B meetings. This strategic initiative augured well with the Forestry and Timber Industry Master Plan 2020-2030 and the State Post COVID-19 Development Strategy (PCDS) 2030 to ensure resilience and to generate RM8 billion in export earnings from the wood-based sector by 2030”, Datu Haji Hashim Haji Bojet, General Manager of STIDC said.

ASEAN member countries represent the fifth largest economy in the world and are poised to become the fourth largest by 2030.

Italy and ASEAN member countries benefit from a partnership formalised in 2020 when Italy was conferred the status of development partner of ASEAN.

Italy is the third largest global trading partner among the European Union member states for Malaysia. Malaysians generally perceived the Italian investments as creating quality jobs for the locals.

Last year 75 manufacturing projects with Italian participation were implemented across Malaysia. Valued at USD363.8 million, those projects created 4,320 job opportunities for the locals.

Various topics were discussed during the dialogue such as Macroeconomic outlook of ASEAN post pandemic scenario; Green technologies for sustainable future; e-Economy, smart technologies and 4.0 value chains; Aerospace and Security for resilience; and Investment opportunities and co-operation tools between Italy and ASEAN countries.

Held on 5-6 July 2022 in Kuala Lumpur, the dialogue was jointly organised by The European House – Ambrosetti and Associazione Italia - ASEAN, Malaysian Investment Development Authority (MIDA) and Italian Trade Agency (ITA).

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