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M'sia and Saudi Arabia sign MOU on trade and investment

Malaysia and Saudi Arabia have signed a Memorandum of Understanding (MOU) to promote cooperation in trade and investment.

The deal was signed in Putrajaya yesterday was signed International Trade and Industry Minister Mustapa Mohamed and Saudi Arabia’s Minister of Commerce and Investment Ibrahim Abdulaziz Al-Assaf.

The MOU aims to promote cooperation in trade and investment, particularly in the five key areas of healthcare, construction, education, small and medium enterprises (SMEs) and the halal industry.

The cooperation between the two governments, as outlined under the MOU, will cover exchange of information and experience, visits involving experts and professionals, as well as to host seminars and meeting sessions to further promote opportunities available in respective countries.

The two countries have also agreed to form a Working Committee under the Malaysia-Saudi Arabia Joint Commission Meeting tasked to identify and improve understanding on trade and investment issues related to both countries, as well as develop cooperation programmes to further enhance their economic ties.

On the formation of the working group, Mustapa said, “This is a step forward that we hope will result in more trade between our two countries and further diversification in imports and exports.

“Among key areas which we hope to benefit from a more diversified trade include services, digital economy and the tourism sector. Our officials will be tasked to go into details on what products and services could be further promoted.”

Malaysia and Saudi Arabia continue to enjoy strong bilateral relations. In 2016, total trade between the countries was RM14 billion, an increase of 27.8 percent from the year before. Malaysia’s exports to Saudi Arabia amounted to RM3.4 billion, while the imports stood at RM10.6 billion.

Meanwhile, on the investment front, Malaysia has a strong presence in Saudi Arabia’s construction sector, with 19 contracts worth RM18.5 billion awarded to Malaysian companies.

“We would like to thank the Saudi government for the facilitation given to Malaysian companies and hope that it will continue as our companies continue to participate in Saudi’s National Transformation Programme 2020 and the Vision 2030”, Mustapa added.

- Bernama

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