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HomeBusinessSaudi and Malaysian Officials Forge Stronger Business Ties

Saudi and Malaysian Officials Forge Stronger Business Ties

Bilateral Trade and Economic Partnerships Take Center Stage

May 7, 2024
in Business
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The business landscape between Saudi Arabia and Malaysia is set to strengthen following a series of high-profile meetings in Kuala Lumpur. Dr. Majid bin Abdullah Al-Qasabi, the Saudi Minister of Commerce, convened with his Malaysian counterparts, including the Minister of Entrepreneurship Development, Minister of Entrepreneur Development and Cooperatives Ion Benedick, the Minister of Agriculture and Food Security Mohamad Sabu, and the Minister of Works Alexander Nanta Linggi.

Accompanying the minister was Dr. Iman bint Habas Al-Mutairi, the Saudi Deputy Minister of Commerce and CEO of the National Competitiveness Centre, along with Musaed bin Ibrahim Al-Saleem, the Saudi Ambassador to Malaysia. The dialogue centered on Malaysia’s strategies to bolster small and medium enterprises and potential collaboration in areas such as training, innovation, and ecological sustainability.

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The interaction was part of a strategic visit by a Saudi delegation, including 30 representatives from both governmental and private sectors. This visit underscores the commitment to intensifying the trade of goods and services as well as fostering a more robust economic partnership between the two nations. The group also took part in the inaugural ceremony of the Saudi-Malaysian Business Council.

Dr. Al-Qasabi took the opportunity to shed light on the benefits extended to businesses in both countries, positioning the Kingdom as an aspiring global hub for trade and logistics. The conversations explored joint ventures in innovation, emerging technology, research initiatives, and e-commerce. Furthermore, discussions with Malaysian enterprises delved into reforms and legislation tailored to enhance the business climate, with a focus on incentives that stimulate economic activity in the Kingdom and potential avenues for mutual business ventures.

The Saudi delegation comprised senior figures from various government entities, including trade, investment, education, industry and mineral resources, environment, water and agriculture, rural municipal affairs and housing, and other key organizations. These meetings signify a milestone in Saudi-Malaysia business relations, paving the way for a future of shared prosperity and collaboration.

Tags: Economic PartnershipInnovation and SustainabilitySaudi-Malaysia Business RelationsSME DevelopmentTrade Delegation Visit
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