Tokyo deal boon for ICD member states

Updated 20 May 2014

Tokyo deal boon for ICD member states

Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMUM) have signed a memorandum of understanding (MoU) to form a joint strategic collaboration to tap opportunities in the Islamic finance industry.
Khaled Al-Aboodi, ICD’s CEO and general manager, Naoki Nishida, BTMUM CEO, inked the MoU at BTMU headquarters in Tokyo to signify another important milestone for ICD and BTMUM in the international financial market industry.
Speaking during ceremony, Khaled Al-Aboodi said the agreement will strengthen and deepen the ICD’s relationship with its non-traditional partners from the Pacific region such as BTMUM especially to promote cross-border investment in ICD member states and sharing of Islamic finance knowledge and expertise.
The parties intend to leverage each other strengths and expertise especially to expand its Islamic finance activities in the ICD member countries.
“Japan has shown growing interest to further develop its Islamic finance industry with the signing of today’s MoU between ICD and BTMUM,” said Al-Aboodi.
He said: “We are delighted with this initiative as we always viewed South East Asia region as the Islamic finance hub for us to engage new relationship with the non-traditional partners in the Pacific region and Asia such as Japan, China, Australia and Korea, to collaborate for joint projects, resource mobilization and reverse linkages with these countries.”
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group.
ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Shariah through private sector development.
ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects.
Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad is a financial institution wholly owned by Bank of Tokyo-Mitsubishi UFJ, Ltd; and both are part of Mitsubishi UFJ Financial Group, one of the world’s largest banking groups and also the leading banking group in Japan.
In Malaysia, the bank has a 57-year track record primarily providing banking services to Japanese and Malaysian corporations.

Where’s the beef? Argentine cattle ranchers hope it’s heading to China

Updated 18 September 2019

Where’s the beef? Argentine cattle ranchers hope it’s heading to China

  • Surging sales to Beijing shake up global meat trade and deliver tasty windfall for Latin American giant

BUENOS AIRES: Cattle ranchers in Argentina, which recently edged out neighbor Brazil as the top exporter of beef to China, are hoping to build on that status by getting more local meatpacking plants approved by Beijing, industry officials and other sources told Reuters.

An Argentine industry group is currently in China looking to promote the South American country’s famed T-bone steaks and sirloins, while Chinese teams have recently inspected Argentine local meat plants, the sources said.

The push, after a massive spike in Argentine beef exports to the world’s No. 2 economy this year, underscores how China is looking to diversify its protein supply, shaking up the global meat trade as African swine fever hammers its domestic hog herd.

It is also an important windfall for Latin America’s third-biggest economy, which is battling to get out of a deep recession and facing a swirling debt crisis ahead of elections in October that will likely usher in a new government.

Argentina, which traditionally exports cheaper cuts to China, saw its beef sales to the country more than double to $870 million in the first seven months of the year, data from its official INDEC statistics agency shows.

Chinese customs data show that amounted to around 185,604 tons of Argentine beef, giving it the top share of the Chinese import market with 21.7 percent, slightly ahead of Brazil’s 21.03 percent. That volume was a jump of 129 percent against the year before.

Santiago del Solar, chief of staff to Argentina’s agriculture minister, told Reuters there were many slaughterhouses up for approval and that China was working closely with Argentine food safety body Senasa.

“We will have news in the coming months about more pork, poultry and beef slaughterhouses being approved for China,” he said, adding Senasa was doing some inspections on behalf of China using an “honor system.”

Argentina’s ranchers are now looking for more. A trade delegation is currently in China meeting with potential buyers of the country’s meat, an industry official with knowledge of the meetings said.

The person added that a Chinese team had also recently traveled to Argentina to visit local meat plants.

“The Chinese were there last week in Buenos Aires, they were doing inspections and made good progress. The plants issue is pretty good, but with China they make approvals when they want to do it,” he said.

“We are optimistic with the results. It seems they didn’t find anomalies, but yes, it depends on the time frame of the Chinese.”

The progress comes after China granted export licenses to 25 Brazilian meatpacking plants earlier this month. Brazil has also seen a surge in meat demand from China.

China’s General Administration of Customs, which approves new imports, also recently gave the green light to imports of soymeal from Argentina, following decades of talks between the two countries.

The customs body did not immediately respond to a faxed request for comment from Reuters asking about new Chinese approvals for Argentine meat plants.

A second person, a manager at a state-owned Chinese trading house, said he had met with an Argentine firm last week during the delegation’s visit. He declined to name the firm, which had met with China customs officials, but said it had already been approved for exports and was seeking further plant approvals.

Miguel Schiariti, president of the CICCRA meat industry chamber, said a Chinese team had also recently done a video-conference inspection of an Argentine plant alongside Senasa, with the aim of approving the facility for export.

“There are 11 meat plants ready to be approved and (the Chinese) are doing it one by one. But approval is taking a long time,” he said.

“These places would meet the criteria for approval, but the Chinese have always been very cautious, despite the problems they have with pork. It seems to me that plants won’t get approved before November.”