KUALA LUMPUR: Saudi Arabia and the United Arab Emirates (UAE) have renewed their commitment to escalate the unique and special relations with Malaysia, particularly in the sphere of trade and investment.
This was the conclusion from the trade and investment mission by Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali to the two kingdoms from April 26 to May 4.
The International Trade and Industry Ministry (MITI), in a statement today, said among the notable milestones achieved through the mission was the strong commitment by Saudi Arabia to increase imports of Malaysian palm oil.
This will make Saudi Arabia as the hub for distribution of Malaysian palm oil and palm oil food related products for the middle east and north Africa region, as well as supporting the region's policy of enhancing food security.
In terms of potential investment, MITI said the companies in Saudi Atabia had committed in the immediate term, to invest a total of RM200 million in Malaysia.
Concurrently, it said the Saudi companies had also committed to source Malaysian goods and services amounting to RM833.5 million, to be realised in the coming years.
"Similarly, for the UAE, the Emirati companies had committed in the immediate term, to cumulatively invest a total of RM2.16 billion in Malaysia and committed to purchase Malaysian goods amounting to RM470 million," it said.
The mission was organised as a follow-up to the successful official visit by Prime Minister Tan Sri Muhyiddin Yassin to both countries last March, in addition to the rigorous efforts by MITI to bring in foreign direct investments into Malaysia amid the economic uncertainties around the globe due to the Covid-19 pandemic.
The ministry said Azmin had constructive meetings with esteemed leaders and prominent companies in both Saudi Arabia and the UAE.
"It is encouraging to note that all of them wholeheartedly welcomed the engagements and praised the commitment shown by Azmin in continuing the efforts to strengthen the bilateral economic relations with both nations despite the disruption caused by the pandemic.
"Both countries' esteemed leaders and prominent companies also commended the high-level mission which in their view would greatly open up more opportunities in terms of enhancing trade with Saudi Arabia and the UAE as well as attracting investors to choose Malaysia as a vibrant investment hub," it said.
Meanwhile, MITI said the mission was also timely with the soon-to-be-launched Malaysia's comprehensive new investment policy, the National Investment Aspirations (NIA).
"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.
"Follow-up action on the decisions and outcomes of the mission will be undertaken immediately by MITI and its agencies as well as other relevant ministries to fruition," it added.