“We Seek to Attract Quality Investments for the Realization of the Kingdom’s Vision 2030”, as stated by H.E. MCI Minister
The Saudi-Malaysian Business Forum is held today in Kuala Lumpur, which was organized by the Ministry of Commerce and Investment on the sidelines of the royal visit of the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud to Malaysia on Sunday 26.02.2017 AD.
His Excellency the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, confirmed in his speech at the forum, which was delivered on his behalf by H. E. the Governor of the General Authority for Small and Medium Enterprises, Dr. Ghassan Ahmed Al Sulaiman, the pursuit of the Kingdom to attract quality investments in accordance with the targets of the Kingdom’s Vision 2030.
His Excellency said "Malaysia has come a significant long way related to economy, having achieved a great growth in industrial production. This is due to the high performance of the manufacturing and mining sectors. Thus Malaysia has occupied an advanced rank in terms of foreign trade volume."
This great event was attended by H.E. Dr. Ghassan bin Ahmed Al Sulaiman, Governor of the General Authority for Small and Medium Enterprises, on behalf of the Minister of Commerce and Investment Dr. Majid bin Abdullah Al Qasabi, also attended by H.E. the Malaysian Minister of Commerce, Dato Seri Mustafa Mohamed, and the Chairman of the Malaysian Chamber of Trade and Industry, Ter Leong Yap, also senior officials of the Malaysian Ministry of Commerce, in addition to the largest 500 Malaysian companies from various sectors.
From the Saudi side, it was attended by a number of senior officials, the Chairman of the Council of Saudi Chambers, Board members of the Council of Saudi Chambers, members of the Saudi media delegation, editors of Saudi newspapers, a number of businessmen and 100 Saudi companies.
H.E. MCI Minister stated: "Under the dignified directives of the Custodian of the Two Holy Mosques (May Allah protect him), we will proceed in our programs to attract quality investments from brotherly and friendly countries in various economic sectors. Therefore, we are taking the necessary measures for the development of business and investment environment, and we endeavor to create the favorable opportunities for these sectors, in addition to taking care of the small and medium enterprises sector, as well as the entrepreneurship, since they are promising sectors for providing job opportunities for citizens and increasing the value added in the Saudi economy, according to the Kingdom’s Vision 2030”.
Furthermore, the Saudi- Malaysian Business Forum witnessed granting PICORP Company for Engineering & Environmental Solutions, and for Safety & Environmental Protection Equipment, whose sales are estimated annually by 200 million riyals, a license from the General Investment Authority for the operation and maintenance of water and sewage treatment plants.
The Forum witnessed as well signing seven memorandums of understanding for investments in Saudi Arabia, amounting to more than 8 billion riyals, for cooperation in the fields of vaccine development, public transport, food, aircraft maintenance, software and electronic solutions and electrical appliances, as well as the implementation of joint projects in energy. This indicates the growth of trade exchange between Saudi Arabia and Malaysia.
The Kingdom's delegation gave a presentation on the Kingdom’s Vision 2030. The two sides held bilateral meetings, attended by major Malaysian companies, through which the Saudi Delegation presented the investment opportunities in the Kingdom, as well the ways of attracting investments in various sectors, such as banking, finance, transport, logistics, petrochemicals, food industry, health and medicine, tourism, in addition to ways of enhancing the volume of trade exchange between the two countries.
The participants also discussed granting the investors facilities and benefits to enable them achieve sustainable investments in various fields, in addition to the exchange of expertise and human knowledge in order to achieve sustainable economic development in both countries.
It is worth mentioning that the trade exchange volume between Saudi Arabia and Malaysia during 2015 AD reached more than 12 billion riyals, while the number of joint ventures between the two countries amounted to 47 projects, relevant to service and industrial sectors, the total capital invested in these projects amounted to more than a billion riyals.