Minister of Commerce Dr Majid bin Abdullah Al-Qasabi has confirmed that the trade relations between the Kingdom of Saudi Arabia and Malaysia have witnessed significant development over the past few years. The development comes as a result of the two countries’ keenness to establish strategic partnerships that benefit the two countries.
In a statement to the Saudi Press Agency (SPA), the Minister expressed his confidence that the visit of Prime Minister of Malaysia Muhyiddin Yassin will contribute to supporting economic, trade and investment relations, as well as enhancing the trade exchange, which reached SAR 67 billion during the last five years. The Kingdom ranks 13th among the exporting countries to Malaysia.
Minister Dr Al-Qasabi stated that Saudi Arabia is keen to attract qualitative investments in accordance with the objectives of Vision 2030. He also affirmed the Saudi and Malaysian sides’ keenness to promote entrepreneurship, develop small and medium enterprises, adopt technology and promote innovation, based on the two countries’ ambitious vision for the future.
The Minister pointed out that facilitating the procedures related to the access of Saudi non-oil exports, especially dates and halal products, to the Malaysian market, then to the markets of East Asian countries, is an important step in developing trade relations between the two countries.
The Malaysian direct investment projects in Saudi Arabia amounted to 38 projects in the service and industrial sectors. The total capital invested in those projects amounted to more than SAR 1.7 billion.