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October 11, 2009 11:58 AM
Government To Facilitate Malaysian Companies Operating In Gulf States'
From Jeffri Mohd Rafiee
RIYADH, Oct 11 (Bernama) -- International Trade and Industry Minister Datuk Mustapa Mohamed said the government will try to facilitate Malaysian companies operating in Gulf states, and at the same time draw more investors from the Gulf to Malaysia.
"We want the flow to go both ways," he told Bernama during the final leg of his week-long trade and investment mission to Qatar, Egypt and Saudi Arabia that ends on Sunday.
He said that presently in Saudi Arabia alone, Malaysian companies were involved in projects worth about RM12 billion including in unversity construction and power generation.
"This is a big figure. This shows that while Malaysian companies already have a name in Saudi Arabia, there are still new opportunities including in the field of monorail in specific areas of Saudi Arabia," he said.
He said the involvement of Malaysian professionals such as engineers, banking consultants and nurses was also quite good, numbering not less than 4,000.
This was a new phenomenon, he said and added that Malaysian professionals were sought after not only by private companies but also the Saudi government.
"We are grateful that Malaysians enjoy such high status, regarded highly by the government and business members in Saudi Arabia for our ability to be an example of a progressive Islamic nation, our companies' ability to carry out projects in Arab Saudi and globally. Malaysia is also popular as an investment destination as well as an increasingly popular tourism destination for tourists from Saudi Arabia," he said.
Equally important, he said that besides Malaysia exporting its services, the country also wanted to see more Saudi businessmen to invest in Malaysia.
"Through the meeting, we also hope to raise the interest of Saudi Arabia investors in Malaysia," he said.
He also hoped that trade relations between Malaysia and Saudi Arabia will continue to rise.
Saudi Arabia was Malaysia's second largest trading partner in West Asia in 2008 with total trade amounting to RM11.1 billion, or 20.3 percent, of Malaysia's trade with the region and 0.9 percent of Malaysia's global trade.
Exports to Saudi Arabia amounted to RM3.5 billion and imports RM7.6 billion in 2008 while in the January-July period this year, trade with Saudi Arabia amounted to RM4.1 billion.
As at December 2008, Saudi companies implemented three manufacturing projects in Malaysia involving a capital investment of RM80.6 million in electrical and electronics, and textile products.
In the non-manufacturing sector, significant investments were in information communications and technology-related, property and financial services.
Among well known Saudi companies with investments in Malaysian interest are Al Rajhi Bank and Saudi Telekom.
Mustapa who met assistant secretary-general for Economic Affairs of the Gulf Cooperation Council (GCC) Mohd Obeid Al Mazroui Saturday, said the GCC secretariat would bring together businessmen from their countries and their renowned Malaysian counterparts to promote and also highlight business and trade opportunities both in the Gulf and Malaysia.
GCC is a cooperative framework joining United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait to effect coordination, integration and inter-connection among member States in all fields.
In the Saudi capital Saturday, Mustapa also met Saudi Finance Minister Dr Ibrahim Abdulaziz Al Assaf and president and chairman of Saudi Commission for Tourism and Antiquities Prince Sultan Bin Salman.
He is scheduled to meet former member of the Al Shoura Consultatuve Council and chairman of Zamil Industrial Investment Dr Abdulrahman Al Zamil and acting Minister of Commerce and Industry Dr Abdullah Bin Abdulaziz Al Rabieah before flying home via Dubai Sunday.
Musapa kicked off the trade and investment mission -- his fourth in five months -- on Oct 4 in Doha, before proceeding to Cairo on Oct 6. On the way to Riyadh, he made a quick stop in Makkah to perform umrah on Oct 8.
-- BERNAMA
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