SANA'A, March 17 (Bernama) -- The government is confident that the Malaysia-Yemen Festival 2010 (MYF2010) being held here will be a catalyst for the expanding trade relations between Yemen and Malaysia, said Minister of International Trade and Industry (MITI) Datuk Mustapa Mohamed. There are still vast opportunities in the Yemen market for Malaysian businessmen to tap into and make Yemen a gateway for the bigger and growing East African and Arabian Peninsula markets, the minister said in his Message in the MYF2010 trade booklet distributed here.

The trade fair, officially opened by Yemen Prime Minister Ali Mohammed Mujawwar today, has 47 Malaysian companies showcasing their products and services at the Apollo International Exhibition Centre here until March 20.

"Similarly, there are also a lot of opportunities for Yemeni businessmen to invest in Malaysia and make Malaysia a gateway for Yemen's products to penetrate the bigger South East Asia market," Mustapa said.

Malaysia's trade with Yemen is currently at only US$400 million compared with US$350 million in 2008, but this is still a significant increase by 10 folds from the mere US$40 million in 1990, he said.

He also expressed hope that a similar exhibition will be organised by Yemen in Malaysia in the near future.

As for the Malaysian companies participating in the fair, they come from various fields ranging from construction, property, food, oil and gas, automotive, education, tourism, manufacturing, research and development, and services.

Also present at today's opening were Yemen Minister of Industry and Trade Dr Yahya Al-Mutawakkel, the Malaysian Ambassador to Yemen, Abdul Samad Othman, the National Chamber of Commerce and Industry of Malaysia Chairman Syed Ali Al Attas, Federation of Yemen Chambers of Commerce Chairman Mohammed Abdu Saeed An'am and MYF2010 Chairman Syed Hussein Al Habshi.

The MYF2010 was organised by the Malaysian Malay Chamber of Commerce (DPMM) and GIA, the Yemeni government department which is responsible for developing and supporting business investments in Yemen.

It is supported by the Embassy of the Republic of Yemen in Malaysia, the Yemen Chamber of Commerce and Industry, Ministry of Trade Yemen, the Embassy of Malaysia in Sana'a, the Malaysian Industrial Development Authority and Malaysia External Trade Development Corporation.

"We want to assist Malaysian entrepreneurs, especially the small and medium enterprises to penetrate the promising and rising business sector in Yemen, while promoting Malaysia-made products and create a platform for mutual cooperation and understanding in trade relations between both countries," said DPMM president and also head of the delegation, Syed Ali.

He said Yemen had great market potential for Malaysian entrepreneurs with its industrial sector expected to witness tremendous growth in the coming years while being strategically located, and with readily available raw materials and an inexpensive labour force.

-- BERNAMA