KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) is calling for local companies to establish investment partnerships with companies from Saudi Arabia, especially those in the services sector.
Its minister Tengku Datuk Seri Zafrul Abdul Aziz said that Saudi Arabia is inviting Malaysian companies to bolster bilateral trade and investment relationships with the country, which is in line with the Saudi Vision 2030 plan.
“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 Arabian delegation’s visit to Malaysia.
In this regard, Tengku Zafrul said the Malaysia-Saudi Business Council has been established to boost business-to-business activities between the 2 countries.
Meanwhile, Saudi Arabia’s Minister of Commerce Dr Majid Abdullah Alkassabi said that it is important to build connections and discover the multitude of opportunities available.
“We are preparing a comprehensive plan…a cooperation plan based on Saudi Crown Prince Mohammed Salman’s direction to prepare a joint plan and to enhance the bilateral trade cooperation,” Majib said.
In October of last year when MITI facilitated Prime Minister Datuk Seri Anwar Ibrahim’s w-day visit to the United Arab Emirates (UAE), a total of RM40.6 billion worth of investment commitments were made for Malaysia in sectors such as renewable energy, aerospace and logistics.
The investments included a commitment by Abu Dhabi Future Energy Company PJSC (Masdar) to invest up to RM37.8 billion to develop renewable energy projects with a 10GW capacity in Malaysia.
To that end, the minister said MITI’s strategic collaboration with Masdar and UAE International Investment Council (UAEIIC) will pave the way for Malaysia’s pursuit of new technology that prioritises low-carbon, green manufacturing and circular economy solutions.
Meanwhile, the Malaysian Investment Development Authority (MIDA) and the UAEIIC also agreed to strengthen their existing collaboration to enhance Malaysia-UAE sustainable economic cooperation to increase sustainable investment flows between both countries.
