KUALA LUMPUR, May 7 (NNN-Bernama) — Malaysian Ministry of Trade and Industry (MITI) has concluded a successful trade and investment mission to Saudi Arabia and the United Arab Emirates (UAE) with a renewed commitment from both countries to escalate the unique and special relations with Malaysia to a higher and more strategic level, particularly in the sphere of trade and investment.
Led by Senior Minister cum International Trade and Industry Minister Mohamed Azmin Ali, the mission took place from April 26 to May 4, 2021.
Among the notable milestones achieved through the mission to Saudi Arabia was a strong commitment by the kingdom to increase imports of Malaysian palm oil, MITI said in a statement Friday.
The mission emphasised the commitment to making Saudi Arabia the hub for the distribution of Malaysian palm oil and palm oil food-related products for the Middle East and North Africa (MENA) region, as well as supporting the region’s policy of enhancing food security.
“In terms of potential investment, the companies in Saudi Arabia had committed in the immediate term, to invest a total of US$ 48.58 million (RM200 million) in Malaysia.
“Concurrently, the Saudi Arabian companies had also committed to source Malaysian goods and services amounting to RM833.5 million, to be realised in the coming years,” it said. (US$1 = RM4.16)
Similarly, for the UAE, MITI said the Emirati companies had committed in the immediate term, to cumulatively invest a total of RM2.16 billion in Malaysia and purchase Malaysian goods amounting to RM470 million.
“This mission was also timely, with the soon-to-be-launched Malaysia’s comprehensive new investment policy, the National Investment Aspirations (NIAs).
“This entails a holistic reform of Malaysia’s investment agenda, emphasising on high technology and innovation with a focus on striking a balance between economic and environmental sustainability, in line with global environment, social and governance (ESG) benchmarks,” it added.
— NNN-BERNAMA