PETALING JAYA: A trade delegation to Saudi Arabia and the United Arab Emirates (UAE) will leave today, headed by International Trade and Industry (Miti) Minister Datuk Seri Mohd Azmin Ali (pic).
Azmin will be meeting business leaders and officials of both countries, besides witnessing the inking of memorandums of understanding, the ministry said in a statement.
“This mission is part of the continuous effort by Miti to promote business opportunities and strategic partnerships, aimed at keeping the momentum of economic relations, following the official visit of Prime Minister Tan Sri Muhyiddin Yassin to both countries 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 Saudi Arabia and the UAE.
“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, ” it added.
Miti said Mohd Azmin would brief his counterparts in Saudi Arabia and the UAE on the newly-minted National Investment Aspirations (NIA), a 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 Saudi Arabia and the UAE.
“Mohd Azmin will also be conducting one-to-one business meetings with prominent Saudi and Emirati companies, as well as potential investors, to further explore new business opportunities and collaboration in the oil and gas, healthcare and retail industries.
“He 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, ” said Miti.
The memorandum signifies a strategic venture by a Malaysian company in the healthcare support services and integrated facility management market in Saudi Arabia, it added.
In 2020, Saudi Arabia was Malaysia’s second largest trading partner and largest source of imports from the West Asia region.
Total trade between both countries was recorded at RM20.27bil with Malaysia’s exports to Saudi Arabia 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.
Meanwhile, the UAE was Malaysia’s largest trading partner and largest export destination in the West Asia region for 2020.
Total trade between both countries stood at RM20.59bil with total exports to the UAE amounting to RM8.49bil while imports was at RM12.10bil.
The main source of investments from the UAE were in the machinery and equipment sectors, halal pharmaceutical and food manufacturing.