PUTRAJAYA: Malaysia and Saudi Arabia have agreed to foster greater cooperation in the field of trade and investment, including technology and innovation, given the importance of building a strong and resilient economic recovery from the Covid-19 pandemic.
Foreign Minister Datuk Seri Hishammuddin Hussein said this was among outcomes of discussions made with his counterpart Prince Faisal bin Farhan Al Saud.
Hishammuddin, who is on an official visit to Saudi Arabia, said he and Prince Faisal had also finalised negotiations to set up the High-Level Strategic Committee at the Foreign Ministers’ level.
“This will pave the way for regular consultations on various spectrum of issues of mutual interest.
“Among the key areas of consultations include regional and international political security issues, post Covid-19 economic recovery, haj and umrah matters, food security and palm oil trade,” he said in a statement on Friday (Feb 19).
During the visit, Hishammuddin also met with Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud.
He said at the meeting, bilateral cooperation to maintain oil market stability and means of enhancing investment opportunities between the two countries was raised.
“This working visit has contributed towards augmenting further the close and fraternal ties between the two countries,” he said.
Malaysia and Saudi Arabia continue to enjoy close brotherly relations in a broad range of areas including politics, economy, higher education and haj affairs, he added.
In 2020, total bilateral trade between Malaysia and Saudi Arabia was recorded at USD4.83bil (RM20.27bil) and Saudi Arabia is Malaysia's second largest trading partner in the Middle East.