PETALING JAYA: A trade delegation will leave for the Kingdom of Saudi Arabia and United Arab Emirates (UAE) on Monday (April 26), headed by Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali (pic).
In a statement on Sunday (April 25), the International Trade and Industry Ministry (Miti) said Azmin will meet top officials of both countries to reinforce their importance as trading partners of Malaysia, witness signings, and hold one-to-one business meetings with prominent Saudi and Emirati companies.
"This mission is part of the continuous effort by Miti to promote business opportunities and strategic partnerships between Malaysia and the West Asia region.
"The mission is aimed at keeping up the momentum of economic relations between Malaysia and both nations, following the official visit of Prime Minister Tan Sri Muhyiddin Yassin to Saudi Arabia and the UAE in March.
"The mission is expected to reinforce the value proposition of Malaysia as a preferred investment destination and trading partner by boosting the confidence of the business communities in both countries.
"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," Miti said.
It also said that Azmin will meet senior ministers in both countries to discuss key bilateral issues and collaboration in areas of mutual interest, including bilateral and regional economic cooperation, finance and post-pandemic economic recovery measures.
In Saudi Arabia, Azmin will meet, among others, its Commerce Minister Dr Majid Abdullah Alkassabi and Industry and Mineral Resources Minister Bandar I. Al Khorayef.
"In UAE, Azmin will be meeting Abdulla bin Touq Al Marri, Minister of Economy; and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
"During this mission, he is expected to meet other senior ministers of both countries.
"Azmin will brief his counterparts in the two countries on the newly-minted National Investment Aspirations (NIA), a forward-looking growth framework that will form the basis for comprehensive reforms of Malaysian investment policies.
"NIA will be central to Malaysia's new investment direction, offering various opportunities for investors from the KSA and the UAE.
"Besides the official meetings, the Senior Minister will also be conducting one-to-one business meetings with prominent Saudi and Emirati companies, as well as potential investors, to explore new business opportunities and collaboration in the oil and gas, healthcare and retail industries.
"Azmin will also be witnessing 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," Miti said.
This memorandum signifies a strategic venture by a Malaysian company in the healthcare support services and integrated facility management market in Saudi Arabia, it added.
Last year, the kingdom was Malaysia’s second largest trading partner and largest source of imports in the West Asia region.
Total trade between both countries was recorded at RM20.27bil with Malaysia’s exports amounting to RM4.13bil and imports valued at RM16.14bil. Main investments from Saudi Arabia include chemicals and chemical products, food manufacturing, electronics and electrical products, and textiles.
The UAE was Malaysia’s largest trading partner and largest export destination in the West Asia region last year.
Total trade between both countries stood at RM20.59bil with total exports to the UAE amounting to RM8.49bil and imports at RM12.10bil.
The main source of investments from the UAE were in the machinery and equipment sectors, halal pharmaceuticals, and food manufacturing.
The Malaysian trade delegation will also comprise senior officials from Miti, the Malaysian Investment Development Authority and Malaysia External Trade Development Corporation.