MIDA inks MoU with IPAQ to promote investment
10 Oct 2019
The Malaysian Investment Development Authority (MIDA) has inked a memorandum of understanding (MoU) with the Investment Promotion Agency Qatar (IPAQ) to enhance mutual cooperation in generating investment cross flows between the two countries.
In a statement today, its chief executive officer (CEO) Datuk Azman Mahmud said the partnership would strengthen the existing business relations between Malaysia and Qatar.
He said being a diversified economy with its competitive and comparative advantages, Malaysia provides many business opportunities for the Qatari investors to access the wider market in the ASEAN region.
“We aimed to create new opportunities and catalyse business collaborations through a seamless facilitation channel that will contribute positively to the economic growth of the two countries,” he said, adding that MIDA would leverage on IPAQ’s network and resources to provide more rewarding connections for business communities in both countries.
“We want to attract more investments from Qatar. The strength of Qatar in service-based activities is very much in line with our current focus on attracting investments in the services sector and making Malaysia a regional hub for foreign investors,” he said.
The signing ceremony was held in conjunction with the Second Malaysia-Qatar Joint Trade Committee Meeting (JTC) in Malaysia this week, which was co-chaired by Qatar’s Commerce and Industry Minister Ali Ahmed Al-Kuwari and Malaysia’s International Trade and Industry Minister Datuk Darell Leiking.
According to MIDA, the JTC was expected to strengthen the bilateral partnership between both countries and open a new horizon of co-operation to promote Malaysia and Qatar’s trade and investment.
The partnership includes information exchanges on economic and industrial development as well as the organisation of joint promotional activities such as conferences and seminars that target investors, said MIDA.
Meanwhile, IPAQ CEO Sheikh Ali Alwaleed Al-Thani said as the newly formed agency, IPAQ was looking forward to building on the agreement and enhancing cooperation and sharing of best practices.
“We believe that our strong relationship will enhance and support the expansion of both Malaysian and Qatari investments in our respective countries,” he added.