KUALA LUMPUR, Jan 12 (Bernama) -- Small and medium enterprises (SMEs) are encouraged to participate the upcoming Malaysia-Yemen Festival (MYF)2010 to be held in Sana'a, Yemen, from March 17 to 20.

The event, organised by the Malay Chamber of Commerce Malaysia (MCCM), will provide opportunities for Malaysian entrepreneurs to explore business opportunities and new market in Yemen , said its president Syed Ali Alattas.

"There are a lot of opportunities for Malaysian SMEs to tap into this market. Yemen is still an undiscovered country, a place full of opportunities where investors can be pioneers," he said after the MYF 2010 launch ceremony here Tuesday.

Syed Ali said MCCM expects about 100 Malaysian companies to participate in the four-day event, showcasing Malaysian products and services, and business matching and networking between businessmen and industry players of the two countries.

Earlier, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia 's trade performance with Yemen had been on a positive trend, with double-digit growth over the years.

Malaysia 's total trade volume with Yemen increased by more than 10-fold to US$401.8 million in 2008 from US$47.7 million in 1990, he said.

Major exports from Malaysia are iron and steel products, palm oil, wood products and processed food while imports from Yemen are mostly crude petroleum, and seafood and metal products.

"Potential exists in Yemen for exports which include medical products and pharmaceuticals, agriculture equipment, food and oil and gas machinery," Mustapa said.

"Services such as banking, electrical power and tourism present various opportunities for cooperation," he said.

To date, Malaysian investments in Yemen are valued at US$15.5 million, mainly in mining and quarrying activities.

-- BERNAMA