The inauguration of a new business council marks a significant step forward in strengthening economic bonds between Saudi Arabia and Malaysia, with both nations aiming to boost growth and cooperation in various sectors.
During a recent visit by Saudi Minister of Commerce Majed bin Abdullah Al-Qasabi to Malaysia, the council was established. Accompanied by a delegation of 44 representatives spanning 20 governmental and 24 private entities, the minister underscored the council’s objective to bolster economic ties between the countries.
We inaugurated today with the Minister of Investment, Trade and Industry, Tengku Zafrul Aziz the Saudi-Malaysian Business Council to contribute to strengthening economic and trade relations in the promising sectors in the two brotherly countries,
Al-Qasabi stated, highlighting the collaborative spirit of the initiative.
A roundtable discussion featuring prominent Malaysian officials, including Sulaiman Mahbob, chairman of the Malaysian Investment Development Authority, and other key figures, focused on enhancing business sector partnerships.
Al-Qasabi’s visit also included strategic meetings with Malaysian ministers to explore cooperation in training, innovation, and support for small and medium enterprises. The discussions extended to increasing exports and enabling Saudi and Malaysian companies to penetrate global markets more effectively.
Emphasis was placed on joint efforts in innovation, new technologies, research, and e-commerce, in line with the transformative Saudi Vision 2030, which aims to reposition Saudi Arabia as a prime hub for trade and logistics.
The Saudi delegation’s visit coincided with sessions led by representatives from the Federation of Saudi Chambers, where investment opportunities were examined, culminating in the signing of key partnership and investment agreements.
An accord to foster economic cooperation was signed by Waleed Al-Orainan, Secretary-General of the Federation of Saudi Chambers, and Tan Datu, President of the National Chamber of Commerce of Malaysia. Additionally, private sector firms from both nations engaged in bilateral discussions, resulting in various trade and investment partnership agreements across multiple sectors.