Saudi Arabia expects growth in trade and investment with Malaysia - MIDA | Malaysian Investment Development Authority
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Saudi Arabia expects growth in trade and investment with Malaysia

Saudi Arabia expects growth in trade and investment with Malaysia

15 Mar 2023

Saudi Arabia’s ambassador to Malaysia, Mesaad Ibrahim Al Sulaim, said that the Kingdom expected the growth in trade and investment with Malaysia to continue this year.

He added that there would also be trade and investment agreements to be signed this year, to serve the kingdom’s aspirations to diversify its oil-based economy.

According to the latest statistical data, the total bilateral trade for last year amounted to US$10.26 billion (RM45.89 billion) – an increase of 159.2 per cent compared to US$4.23 billion in 2021.

Al-Sulaim also indicated that the Kingdom was keen to strengthen relations with Malaysia in all fields, especially trade, investment, education, technology, medical services, as well as clean energy and digital economy.

Speaking about investments, the ambassador said that Malaysian investors were active in the Saudi business sector, and keen to participate in the Kingdom’s Vision 2030, especially in the health and manufacturing sectors.

“However, the Kingdom’s drive to diversify its economy within the framework of the vision has opened many opportunities, including the NEOM city project, the Red Sea project, and the Saudi Green Initiative project, where Malaysian companies can compete in related projects,” he said in an interview with Bernama.

In addition, he said, there were opportunities in the sectors of energy, petrochemicals, manufacturing, food, tourism, hospitality, transportation, logistics, construction, and technical infrastructure projects, as well as projects related to haj and umrah.

Regarding the diplomatic relations between the two countries, which was established in 1961, Al Sulaim said that relations between Riyadh and Kuala Lumpur were based on civilised and cultural foundations rooted in Islam.

He further noted that since the establishment of diplomatic relations, the relations between the two countries had witnessed remarkable development in all fields.

He said that given the keenness of the two countries to strengthen brotherly relations, the relations would witness rapid development in the coming years.

Regarding his tenure in Malaysia, Al Sulaim said: “The Kingdom of Saudi Arabia and Malaysia enjoy fraternal and historical relations. I will strive to strengthen these relations to the highest level to serve the interests of the two countries and their people. I expect that the coming period will witness close cooperation between the two brotherly countries in all fields.”

Al Sulaim handed over his credentials to Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah on Feb 21.

Source: Bernama