MITI urges local firms to form investment ties with Saudi Arabia - MIDA | Malaysian Investment Development Authority
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MITI urges local firms to form investment ties with Saudi Arabia

MITI urges local firms to form investment ties with Saudi Arabia

06 May 2024

The Investment, Trade and Industry Ministry has called upon local companies to establish investment partnerships with companies from Saudi Arabia, especially in the services sector.

Minister Datuk Seri Tengku Zafrul Abdul Aziz said Saudi Arabia invited Malaysian companies to invest in the country to bolster bilateral trade and investment.

He said Riyadh’s Saudi Vision 2030 welcomes investment from countries like Malaysia, especially in the services sector.

“We have expertise in diverse sectors, including electrical and electronics, tourism, logistics, and facility management.

“This opens up opportunities for Malaysian companies to expand their business into the country,” he said after a dinner reception in honour of the Saudi delegation’s visit to Malaysia today.

In this regard, Tengku Zafrul said the Malaysia-Saudi Business Council has been established to boost business-to-business activities between the two countries.

Meanwhile, Saudi Commerce Minister Dr Majid Abdullah Alkassabi encouraged Malaysian companies to go to Saudi Arabia to explore potential business opportunities in the country.

He said his visit was of significant importance as it was a fact-finding mission where both parties sought to build connections and jointly discover the multitude of opportunities available.

“We are preparing a comprehensive plan… a cooperation plan based on Saudi Crown Prince Mohammed bin Salman’s direction to prepare a joint plan and to enhance the bilateral trade cooperation,” Majid said.

Source: Bernama