Malaysia to take advantage of Saudi Arabia's Vision 2030

KUALA LUMPUR: Malaysia is keen to enhance exports to Saudi Arabia, mainly through the services industry and by leveraging on the country's Vision 2030.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the information technology (IT) industry would be among the key sectors playing a role, as more transformation programmes in delivering government services, would involve digitalisation.

"We (Malaysia) have some good and established homegrown technology companies that can take advantage of Saudi Arabia's transformation programme.

"Besides that, education, healthcare, tourism, engineering, architectural and consulting services will also be sectors we hope can contribute to our exports," he told reporters after a dialogue session at the Malaysia-Saudi Business Council (MSBC) inaugural meeting here yesterday.

Mustapa said to accelerate trading activities and potential business among both countries, a pro-tem committee was set up earlier by MSBC members to discuss and share information between the relevant governments and private sectors.

He also called on businesses already present in Saudi Arabia and other interested potential entities to attend a business seminar on Feb 27 at the Malaysia External Trade Development Corporation (Matrade) building here.

The meeting is to exchange and share views on doing business in Saudi Arabia.

Malaysia's trade with Saudi Arabia in 2016 was valued at RM13.9 billion (US$3.17 billion) mainly in crude oil imports against RM10.95 billion (US$2.82 billion) in 2015.

"While total trade has been impacted by prices of oil products and our commodities in 2015, the latest bilateral data for JanuaryDecember 2016 showed a rebound by registering 24.8 per cent," said Mustapa.

Saudi Arabia is Malaysia's third most important trading partner from the Organisation of Islamic Cooperation (OIC) countries, after Indonesia and United Arab Emirates (UAE).

Meanwhile, MSBC Chairman Tunku Syed Razman Tunku Syed Idrus said the inaugural meeting was held in preparation for the official visit of Saudi Arabia's King Salman Abdulaziz Al Saud, expected at this month-end.

"With our strong position as a halal hub, there are ample opportunities to expand trade in halal products and services, and we hope to work closely with relevant government agencies to make the visit a success," he added. — Bernama