Malaysia and Saudi Arabia are negotiating several agreements to facilitate investment, trade, business and commerce between the two countries, according to Malaysian Minister of International Trade and Industry Rafidah Aziz, who is leading a team of officials and a business delegation attending the Malaysia-Saudi Arabia Business Opportunities Seminar.
In an address at the seminar, Rafidah said that the agreements include measures for the avoidance of double taxation and prevention of tax evasion, and an accord on gold.
“Bilateral relations have strengthened between the two countries over recent years,” she was quoted as saying in a report published today by Arab News.
In his welcome address, Ghassan Ahmad Al-Sulaiman, Vice-Chairman of the Jeddah Chamber of Commerce and Industry, said that bilateral trade between the Kingdom and Malaysia in 2003 totalled 3,765.8 million Ringgit, an increase of 27% compared to 2,966 million Ringgit in 2002. Exports increased by 6.4% to 1,549 million Ringgit.
Between 1990 and 2003, trade increased from a total value of $212 million to $991 million, with Malaysian exports increasing from $108 million to $408 million and imports from Saudi Arabia increasing from $104 million to $583 million.
In 2003 Saudi Arabia was Malaysia’s second-largest trading partner in the region, after the United Arab Emirates, and its third-largest trading partner in the Organization of Islamic Conference (OIC).
The Deputy Minister of Commerce and Industry, Abdullah bin Abdul Rahman Al-Hamoudi, said that the new investment law in Saudi Arabia opened up more investment opportunities for Malaysian businesses. Thus far, only eight Saudi-Malaysian joint ventures, worth SR129 million, have been established in the Kingdom.
Malaysia’s major exports to Saudi Arabia included palm oil, furniture, television sets, jewellery, veneers and plywood. Major imports from the Kingdom included petroleum and petroleum products.
Source: SPA
