After a business council was established with the goal of promoting growth and cooperation in a number of industries, the relationship between Saudi Arabia and Malaysia is expected to flourish economically.
During the visit of Saudi Minister of Commerce Majed bin Abdullah Al-Qasabi to Southeast Asia, the council was officially established. The delegation consisted of forty-four officials and leaders, representing twenty government bodies and twenty private sector firms. The minister made the business council announcement, highlighting its objective of strengthening economic ties between the two nations.
Along with Shaharul Sadri Alwi, director general of the Department of Standards Malaysia, Sulaiman Mahbob, chairman of the Malaysian Investment Development Authority, and Dato Seri Reezal, chairman of the Malaysia External Trade Development Corp., the Saudi minister also hosted a roundtable discussion with Aziz.
Al-Qasabi pointed out that the main focus of the discussions with Malaysian authorities was strengthening ties between the two countries’ commercial sectors. The minister of commerce concluded his tour to the Southeast Asian nation by mentioning that he had also met with the ministers of works, Mohamad Sabu, and agriculture and food industry, Alexander Nanta Linggi and entrepreneurship development, Ewon Benedick.
“We discussed cooperation in the areas of training, knowledge transfer, innovation, and sustainability, while also reviewing Malaysia’s experience in supporting small and medium-sized projects,” Al-Qasabi said.
According to the sources, during the discussions, initiatives to promote exports and improve Saudi and Malaysian businesses’ access to international markets were deliberated. It also stressed the importance of teamwork in e-commerce, research initiatives, new technologies and innovative capacity building.
Representatives from the Federation of Saudi Chambers, chaired by Secretary-General Waleed Al-Orainan, attended a meeting to discuss potential business prospects in both nations concurrently with the Saudi delegation’s visit to Malaysia. An agreement to strengthen economic cooperation was signed by Al-Orainan and Tan Datu, the president of the Malaysian National Chamber of Commerce.
Additionally, bilateral talks and trade and investment collaboration agreements covering several sectors were signed by private sector enterprises from both countries.
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