UAE to invest billions of dollars in Malaysia, Saudi Arabia to become a hub for Malaysian palm oil

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KUALA LUMPUR— The Ministry of Trade and Industry (Miti) said the recent trade and investment mission to Saudi Arabia and the United Arab Emirates (UAE) was successful and fruitful.

Both Saudi Arabia and the UAE have showed great interests and commitment to improve the special relationship with Malaysia, particularly in the field of trade and investment, Miti said in a statement today.

“The mission to Saudi Arabia and UAE has attracted investments of RM2.3 billion and increased the trade commitment of the two countries, especially in importing Malaysian palm oil supplies, services and goods sectors.

“MITI’s mission ensures that Malaysia remains competitive in order to generate economy for the people and the country, “said Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali who led the mission from April 26 to May 4, 2021.

According to Miti, the business trip was a milestone for Malaysia’s achievements:

1- The Kingdom of Saudi Arabia agreed to increase imports of Malaysian palm oil.

2- Malaysia will make Saudi Arabia as the hub for distribution of Malaysian palm oil and palm oil food-related products for Middle East and North Africa (Mena) region, as well as supporting the region’s policy of enhancing food security.

3- In terms of potential investment, the companies in Saudi Arabia had committed in the immediate term, to invest a total of RM200 million in Malaysia.

4- As for the UAE, the Emirati companies had committed to invest a total of RM2.16 billion in Malaysia and purchase Malaysian goods amounting to RM470 million

“Concurrently, the Saudi Arabian companies had also committed to source Malaysian goods and services amounting to RM833.5 million, to be realised in the coming years,” Miti said.

“This mission was also timely, with the soon-to-be-launched Malaysia’s comprehensive new investment policy, the National Investment Aspirations (NIAs).

“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,” Miti added. — Malaysia World News


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