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The Indonesia-Malaysia-Thailand Growth Triangle
(IMT-GT) Joint Business Council (JBC) is seeking
endorsement from the Economic Planning Unit (EPU)
to turn Lumut Port in Perak into a barter trade
centre.
JBC Malaysia chairman Datuk Faudzi Naim Noh said
the request was to facilitate the growing trade
at the port between Malaysia and Tanjung Balai
Asahan and Belawan, Sumatra in Indonesia.
“Lumut Port is equipped with the facilities to
turn into a barter trade centre.
“It has a cold storage and a warehouse. In terms
of agricultural products like fish and
vegetables, business has begun but in small
volumes,” he told reporters after attending the
first day of the 23rd IMT-GT JBC Meeting
recently.
Faudzi said the barter trade business was
currently monopolised by Port Klang and the
Penang Port.
“The business volume of Penang Port is about
RM100mil to RM150mil. It is our hope that Lumut
Port takes at least 20% of the country's total
volume in the barter trade business,” he said.
Faudzi added that should Lumut port successfully
transform into a barter trade centre, it would
be an important business platform for small and
medium enterprises.
“Based on the EPU's study in 2002, the barter
trade system is proven to be a promising mode of
business,” he said.
Faudzi said the barter trade centre was for
ships weighing below 500 tonnes that are allowed
for simple customs declaration according to a
1970 agreement between Malaysia and Indonesia.
“A new agreement is currently reviewed by the
International Trade and Industry Ministry, and
JBC plans to give plenty of input,” said Faudzi.
He said it would take between three and six
months for the EPU to decide on the endorsement.
Besides Lumut Port, Faudzi said that the council
was seeking to turn the ports of Kuala Linggi in
Malacca, Port Dickson in Negeri Sembilan, Kuala
Kedah and Langkawi in Kedah, as part of the
barter trade network.
During the meeting, 200 delegates - 100 from
Malaysia and 50 each from Thailand and
Indonesia, discussed six topics; trade and
investment, infrastructure and transportation,
tourism, agriculture and agro-based industry,
human resources, and halal food and services.
They also discussed plans to boost tourism in
the three countries through the Visit IMT-GT
2008 campaign.
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