KUALA LUMPUR, April 15 (Bernama) -- The European Union-Malaysia Chamber of Commerce (EUMCCI) will embark on several initiatives under a three-year project to enhance business dialogue and cooperation in Malaysia's services sector.

Enhancing business cooperation between the EU and Malaysia in the services sector could help boost Malaysia's competitiveness in this area, said EUMCCI chairman David Jones at the Second Malaysia-Europe Trade and Investment Forum 2010 entitled "EUMCCI Special Focus on Services Sector" here on Thursday.

"Wider participation in the services sector will result in a greater transfer of knowledge and technology, and this will enable Malaysia to become more competitive, especially when countries in the region are actively competing for foreign investment," he said.

The forum was opened by Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui. Also present was ambassador and head of delegation of the European Union (EU) to Malaysia, Vincent Piket.

According to Jones, there is scope for greater dialogue and business cooperation between the EU and Malaysia in the development of the services sector which has been identified as key engine of growth for the country.

The three-year project, led by EUMCCI, will be funded largely by a grant from the European Commission with a total budget of 715,000 euros (about RM3.2 million) and the project will focus on four areas -- logistics, energy, environment and green technology, financial services, and information and communications technology (ICT).

For this year, the emphasis will be on green technology, Jones said.

In line with this, a team of the EU specialists will be in Kuala Lumpur on April 20 and 21 to meet with Malaysian officials as part of the EU-Malaysia cooperation in green technology expertise transfer sessions.

Later in October this year, there will be other activities which are being planned in connection with the International Greentech and Eco Product 2010 exhibition.

Jones said the project would not only help to boost EU-Malaysia business and trade relations but also to increase awareness of European standards and best practices in Malaysia.

He said EU has a wealth of experience in the services sector, particularly in areas such as green technology, logistics, ICT and financial services.

With the implementation of this project, EU will be able to assist local companies in developing in these areas, he added.

Jones said the three-year project was expected to translate into enhanced competitiveness of Malaysia as a destination for foreign direct investments and increased business opportunities betwwen European and Malaysian companies.

He said the chamber had set up committees and working groups in several sectos such as logistics, construction and building materials, ICT, air transport, oil and gas, financial services, and education.

"These committees function as platforms for the EU and Malaysian companies to interact and engage with the authorities in bringing up issues and recommendations and in organising informative events," he added.

On the forum, Jones said Malaysian and EU business leaders, including government officials and ambassadors were given fresh insights on investment and trade opportunities and challenges for EU-Malaysia trade relations.

-- BERNAMA