PETALING JAYA: Companies in Saudi Arabia and the United Arab Emirates (UAE) have committed to millions of ringgit in investments in Malaysia, the international trade and industry ministry (Miti) said.
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The minister, Azmin Ali, who is also the senior minister for economy, led a mission to the two countries from April 26 to May 4.
In a statement today, Miti said Saudi Arabia had made a “strong commitment” to increase imports of palm oil.
“Miti is committed to making Saudi Arabia the hub for distribution of Malaysian palm oil and palm oil food-related products for the Middle East and North African region, as well as supporting the region’s policy of enhancing food security,” Bernama quoted the ministry as saying.
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“The companies in Saudi Arabia have committed, in the immediate term, to invest a total of RM200 million in Malaysia.
“Concurrently, the Saudi Arabian companies have also committed to source Malaysian goods and services amounting to RM833.5 million, to be realised in the coming years.”
The ministry also said that Emirati companies had committed, in the immediate term, to cumulatively invest RM2.16 billion in Malaysia and purchase goods amounting to RM470 million.-FMT