Business council targets Saudi-Malaysian trade worth SR50 billion

Saudi Malaysian Business Council

The Saudi Malaysia Business Council aims to help raise trade between the two countries to SR50 billion within the next five years, according to its chairman Mansour Al-Fuqairi.
The value of trade between the two countries is around SR15 billion but the current level does not “meet our ambition,” said Al-Fuqairi, who was interviewed by the Okas Arabic newspaper.
The council plans to establish a center in Malaysia to accommodate the kingdom’s date exports. The center will reportedly be the largest in the world of its kind.
“Our strategy in the council is to increase Saudi exports to east-Asian countries in general and Malaysia in particular, in addition to attracting Malaysian factories to open in the Kingdom,” Al-Fuqairi is reported as saying.
The Saudi side is also cooperating with the Islamic University in Malaysia to send young Saudis to benefit from the Malaysian expertise in work and development, as well as attracting Malaysian professionals to work in the Kingdom. 
Saudi Arabia can largely benefit from the Malaysian expertise in the field of small and medium businesses and in training and development in different fields, said Al-Fuqairi.
Malaysia is a country that is attractive to investments because of several reasons including its security and economic power, he added.
The council also intends to attract different Malaysian industries to open factories in the Kingdom including car, airplane and engine manufacturers, as well as transferring knowledge of saline-water desalination and transportation, he said.
“Establishing an Arabic TV channel in Malaysia is sought, but it is still an idea and requires more study and work,” said Al-Fuqairi.
Malaysian investors in the field of health have the desire to enter the Saudi market through establishing research centers and operating and maintaining hospitals “and we have started communicating with our Malaysian brothers in this regard,” he said.