Malaysia and Saudi Arabia establish high-level task force for enhanced trade and investment relations
21 Oct 2023
Malaysia and Saudi Arabia are committed to establishing a new level of trade and investment relations through the formation of a high-level ministerial task force involving both parties.
This special committee will monitor the progress and prospects of cooperation, including private investments, public investment funds, and government-linked companies (GLCs) from both countries.
Announcing this development, Minister of Investment, Trade, and Industry (MITI), Tengku Datuk Seri Zafrul Tengku Abdul Aziz, stated that it was one of the initiatives reached during a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Saudi Arabian Minister of Trade, Dr Majid Abdullah Al-Kassabi, as well as the President and CEO of Saudi Aramco, Amir Hassan Nasser, held here yesterday.
Tengku Zafrul emphasised that the meeting clearly demonstrated the commitment of both parties to explore business, investment, and trade opportunities between Malaysian and Saudi Arabian companies.
“In the future, we want both parties to further strengthen their collective relations. So, we are confident this can be achieved, and for me, this relationship represents opening a ‘new chapter’ rather than exploring a new page. It is clear because all investments, for example, in the real estate sector, aviation, and information technology (IT), are now on the right track,” he said to the Malaysian media.
Saudi Arabia is Malaysia’s largest trading partner among West Asian countries, with the bilateral trade between the two nations in 2022 amounting to US$10.26 billion, a 159.2 percent increase from 2021.
One of Saudi Arabia’s major projects in Malaysia is the Pengerang Integrated Complex in Johor by Saudi Aramco. In the Fortune Global 500 rankings for 2021, Saudi Aramco was ranked sixth as the most profitable company in the world, with earnings of US$105 billion.
Regarding other projects involving Aramco in Malaysia, Tengku Zafrul said that they were nearing implementation.
However, he refrained from providing details and instead stated that the Prime Minister would announce them in the near future.
He also mentioned that the Saudi Arabian government welcomed the participation of Malaysian companies in line with the Gulf nation’s Vision 2030.
Yesterday, the Prime Minister also held a series of meetings and business briefings with industry leaders, including Al-Ajlan Brothers Holding Group (ABH), Dagang NeXchange Berhad (DNex), MGB Berhad, Sany Alameriah, Mobility One Sdn Bhd, and Al-Nesma Holding Co Ltd.
Anwar also received a courtesy visit from the Governor of the Public Investment Fund (PIF) of Saudi Arabia, Nasir Al-Rumayyan, and witnessed the signing of four memoranda of understanding (MoUs) between Malaysian companies and Saudi Arabia.
These MoUs involved Westar Aviation with Mukamalah, DNex with Ajlan Brothers, Twistcode with Ajlan Brothers, and MGB with Sany Alameriah.