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 Business

Unity for better business opportunities

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Michael Peter signing the MoU document while Rahim (left) and Faizal look on.

18th January, 2019

KOTA KINABALU: Neighbouring countries Sabah, East Malaysia and Southern Mindanao in the Philippines on Wednesday mutually agreed to further create business opportunity, economic prosperity and long term partnership understanding.

The commitment was officially sealed during a simple yet unique historical signing ceremony of the Memorandum of Understanding (MoU) between Sabah-based Unsur Utama Sdn Bhd and its counterpart Jay Sayang Corp. Ltd held at a leading hotel here.

Both the executive chairman Michael Peter Goviind representing Unsur Utama and Chief Executive Officer Mohammad Faizal Salam Jamalul affixed their respective signatures in the official document which was witnessed by by Rahim Sinarimbo who represented Regional Governor of the Autonomous Region Ghazali Jaafar.

The MoU sets for them terms and understanding between the two parties to distribute petroleum products.

The objective is to express the willingness of the parties concerned to engage in an effort to promote cross border trade as well as its activities to develop and expand relationship with producers of petroleum product that they source from Sabah to Mindanao.

Michael Peter and Mohammad Faizal agreed to undertake among others, the first party is going to be the sole distributor of petroleum product from Sabah with the second to purchase the petroleum from the first party. “Once the Sabah Government will open the market (barter trade system) in March, will be the main player for this industry,” Michael Peter said.

He is also expressed optimistic that the opening of the market by March this year, Sabah and Mindanao will greatly benefit from the economic activities in the region.

On the part of Mohammad Faizal, he said the signing of the MoU is the beginning of prosperous economic activities between the two neighbours and the region in general.

He also thanked the Sabah Government under the leadership of Datuk Shafie Apdal for its decision to revive the barter trade system.

“Surely, Malaysians particularly the Sabahans as well as the locals of Mindanao and Filipinos in general will benefit from the domino effects of the barter trade activities,” he stressed.

Meanwhile, Rahim in a brief message during the evening function extended the sincere apology of Bangasamoro Transition Commission Chairman Ghazali Jaafar for not been able to be present in the function.

“Chairman Ghazali who was appointed to sit as the first Chief Minister of the Bangsamoro region was in fact ready to fly to Kota Kinabalu this afternoon (Wednesday)...but unfortunately he has to cancel his trip following a call from President Rodrigo Roa Duterte for a very important meeting,” he revealed.

   
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