Only 16 percent of business premises in the Klang Valley are owned by bumiputeras, Deputy Minister in the Prime Minister's Department Ahmad Maslan said today.

He said that they should go into less competitive and unexplored areas while striving to be more creative in their present business.

NONE "Knowledge and capital are two important elements in business, and knowledge is the more important of the two because without it a business can go bust," he said when opening the Muslim Chamber of Commerce of Malaysia annual general meeting here.

Ahmad stressed that a strategic location was important, noting that many bumiputera-owned premises were "hidden".

Putrajaya president of the chamber Daud Ahmad in his speech proposed that a new medium be created to bring together Muslim enterpreneurs around the world.

He said that Malaysia had the expertise to lead the effort to bring this about in collaboration with Muslim enterpreneurs from other countries.

Earlier, Al-Ansar Agro Sdn Bhd signed an agreement with the Cambodian Muslim Cooperative to carry out a joint venture in breeding cattle and marketing beef in Cambodia.

- Bernama