KUALA LUMPUR – International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali will lead a trade and investment mission to Saudi Arabia and the United Arab Emirates from tomorrow until May 4.
The mission is part of the ministry’s continuous effort to promote business opportunities and strategic partnerships between Malaysia and the West Asian region.
It is aimed at keeping up the momentum of economic relations between Malaysia and both countries, following Prime Minister Tan Sri Muhyiddin Yassin’s official visit to Saudi Arabia and the UAE last month, said the ministry in a statement today.
It said Azmin’s trip is expected to reinforce Malaysia as a preferred investment destination and trading partner by boosting the confidence of the business communities in the two countries concerned.
“Both these countries are among the most important trading and investment partners in West Asia, and Malaysia hopes to elevate this deeply rooted partnership to a more strategic level in the sphere of quality investments and diversified trade.”
During the visit to Saudi Arabia, Azmin will meet Commerce Minister Majid Abdullah Alkassabi, and Industry and Mineral Resources Minister Bandar I. Al Khorayef.
In the UAE, he will meet Economy Minister Abdulla Touq Al Marri and Thani Ahmed Al Zeyoudi, minister of state for foreign trade.
“Azmin will brief his counterparts in Saudi Arabia and the UAE on the newly minted National Investment Aspirations (NIAs), a forward-looking growth framework that will form the basis for comprehensive reforms of Malaysian investment policies,” said the ministry.
“NIAs will be central to Malaysia’s new investment direction, offering various opportunities for investors from Saudi Arabia and the UAE.”
Azmin will also witness the signing of a memorandum of business exploration between UEM Edgenta Bhd, a subsidiary of Khazanah Nasional Bhd, and Asma Advanced Solutions LLC in Riyadh.
The memorandum signifies a strategic venture by a Malaysian company in Saudi Arabia’s healthcare support services and integrated facility management market.
The kingdom was Malaysia’s second-largest trading partner and largest source of imports in the West Asia region last year. Total trade between the countries was recorded at RM20.27 billion, with Malaysia’s exports to Saudi Arabia amounting to RM4.13 billion and imports valued at RM16.14 billion.
Meanwhile, the UAE was Malaysia’s largest trading partner and export destination in the West Asian region in 2020. Total trade between the nations stood at RM20.59 billion, with total exports to the UAE amounting to RM8.49 billion, while imports were at RM12.10 billion.
Azmin’s upcoming trip will be subjected to strict Covid-19 standard operating procedures, as agreed upon by Malaysia’s Health Ministry and National Security Council, and the Saudi and UAE governments. – Bernama, April 25, 2021
