Ministerial Level Panels To Develop Malaysia Saudi Trade Relations

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Prime Minister Anwar Ibrahim witnessing the exchange of memorandums of understanding between Malaysian and their Saudi Arabian partners in Riyadh today. (Bernama pic)RIYADH: Malaysia and Saudi Arabia have agreed to form a ministerial-level committee on trade, investment and economic cooperation between the two countries.
The investment, trade and industry minister, Tengku Zafrul Aziz, said the matter was decided at a meeting between Prime Minister Anwar Ibrahim and Saudi Arabia’s trade minister Majid Abdullah Alkassabi, Bernama reported.
“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,” he said.
Malaysia is currently Saudi Arabia’s eighth-largest trading partner, while Saudi Arabia is Malaysia’s largest trading partner in the Middle East. Total bilateral trade in 2022 amounted to US$10.26 billion.
Among Saudi Arabia’s main projects in Malaysia is the Pengerang integrated complex in Johor by Saudi Aramco.
Anwar had also met Saudi Aramco chief executive Amin H Nasser about the company’s investment plans in Malaysia.
Tengku Zafrul told the Malaysian media that the talks went smoothly and were on the right track. He said the results of the discussion with Aramco will be announced in the near future.
Anwar also met leaders of well-known companies from Malaysia and Saudi Arabia that have established trade and investment cooperation, and witnessed the exchange of memorandums of understanding between Malaysian and Saudi Arabian companies.
The prime minister arrived here on Friday on a two-day working visit to Riyadh to attend the Asean-Gulf Cooperation Council Summit, held for the first time since the two regional blocs established relations in 1990. - FMT

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