KUALA LUMPUR: The Regional Comprehensive Economic Partnership (RCEP), which will be sealed by February next year, points to pockets of opportunities for Malaysia’s century old timber industry, said Malaysian Timber Council chief executive officer Richard Yu.
The country’s timber industry is currently the world’s 11th biggest exporter.
Yu said the RCEP would promote easier access to a wider market, comprising a population of 3.4 billion with a total gross domestic product (GDP) of US$49.5 trillion, or about 39 per cent of the world’s GDP.
“We can share the hope that all will go well (with RCEP). The industry is ready for this kind of economic integration especially when opportunities are present to them. We are talking about a century old industry. They have withstood a lot of economic challenges and I believe they are pragmatic business people,” he said at a media briefing here.
“Now with the trade war between United States and China, this region would be where the two largest economies will grow their business or shift their manufacturing facilities. So, we see a lot of opportunities over here,” Yu added.
He said MTC would work with the industry to look for business opportunities for the industry when RCEP comes into force.
It will provide the industry players with market information that may assist them with decision making process, he added.
Meanwhile, MTC is looking to generate RM25 million in sales for its inaugural wood and woodworking machinery trade fair, Malaysia Wood Expo to be held from November 19-21.
MTC market promotion director Alexis Chang said RM20 million will be derived from machinery sales while the remaining RM5 million will be from the sales of raw materials.
She said the expo, which is expected to be attended by 1,000 trade visitors and buyers from 47 countries, aims to bring international timber industry players for trade and networking opportunities.
135 exhibitors from 22 countries such as Australia, France, China, Chile, Taiwan, United States and Malaysia will participate in the three day event, she added.