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Guinea invites Malaysia investors
The Republic of Guinea, which has introduced reforms to attract investments, has invited Malaysian businessmen to explore opportunities particularly in infrastructure and mining, given the country’s rich mineral resources.
Other areas that Malaysian companies could explore include modern agriculture, fishing, construction and public housing, agriculture equipment, ICT and Islamic banking services.
Guinea’s President Alpha Conde, who is on a four-day visit to Malaysia, conveyed this to Prime Minister Datuk Seri Najib Tun Razak at a meeting in Putrajaya, yesterday,
President Conde informed that a number of reforms including in the areas of security, justice system have been undertaken. A new investment code is being drafted, a new mining code has been adopted while a code on repatriation of profits for private companies was also being studied.
The administration is also undergoing a restructuring to create a conducive environment for the private sector, he said, indicating that both countries have agreed to sign two agreements on the protection of investment and double taxation. Guinea has also managed to stablise its currency.
The President assured Malaysian investors that Guinea, today practices democracy unlike its earlier dictatorship regime.
Echoing the call, Datuk Seri Najib also encouraged Malaysians to seek opportunities in the West African republic, especially with the country’s ample natural resources including 25% or more of the world's known bauxite reserves, besides diamonds and uranium.
President Conde commended Malaysia for being an example of a successful Islamic country and is keen to learn from Malaysia’s experience in developing the country, as Guinea has some 90% Muslim population.
Meanwhile, bilateral trade between the two countries registered a significant increase of 262% to US$74.49 in 2011 as against US$28.35 in 2010.
Adapted from New Straits Times and The Star 28 June 2012
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