Malaysia, Saudi Arabia agree to form ministerial-level committee to take trade relations to new level

RIYADH - Malaysia and Saudi Arabia on Saturday agreed to form a ministerial-level committee to bring trade, investment and economic cooperation between the two countries to a new level, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said the matter was decided at a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Saudi Arabia's Trade Minister Dr Majid Abdullah Alkassabi at the Ritz-Carlton Hotel here, which he also attended.

Also present were Foreign Minister Datuk Seri Zambry Abd Kadir and Malaysian Ambassador to Saudi Arabia Datuk Wan Zaidi Wan Abdullah.

"This committee will monitor the development of trade, investment and economy between the two countries as well as the prospect of cooperation in the future.

"This proves the seriousness and commitment of Malaysia and Saudi Arabia to further increase trade and investment cooperation to a new level," Tengku Zafrul told the Malaysian media covering the prime minister's visit to Saudi Arabia.

Tengku Zafrul said Malaysia is currently the eighth-largest trading partner for Saudi Arabia.

"Being among the top 10 countries in trade with Saudi Arabia proves that the country has chosen to prioritise joint ventures and cooperation with Malaysia," he added.

Saudi Arabia is Malaysia's largest trading partner among West Asian countries, with total bilateral trade between the two countries in 2022 amounting to US$10.26 billion, an increase of 159.2 per cent from 2021.

Among Saudi Arabia's main projects in Malaysia is the Pengerang Integrated Complex in Johor by Saudi Aramco. The Fortune Global 500 in 2021 placed Saudi Aramco in the top six most profitable companies in the world, with a turnover of US$105 billion.

Earlier, Anwar held a meeting with the leaders of well-known companies from Malaysia and Saudi Arabia that have established trade and investment cooperation. Among them were Saudi Aramco, Dagang NeXchange Bhd (DNeX), Ajlan & Bros Holding Group, MGB Bhd, Alameriah Real Estate Development, Mobility One Sdn Bhd, Al-Nesma Holding Co Ltd and SARH.

Anwar then witnessed the exchange of memorandum of understanding documents between Westar Aviation and Mukamalah, DNEX and Ajlan Bros, Twistcode and Ajlan Bros as well as MGB and Sany Alameria.

The Prime Minister also received a courtesy visit from the governor of Saudi Arabia's Public Investment Fund, Yasir Al-Rumayyan, to discuss the prospect of cooperation in the field of investment. - BERNAMA