Jeddah - Malaysia has opened an agricommodity regional office in Jeddah in a bid to boost trade between the southeast Asian country and Saudi Arabia.
The Commodities Integration Marketing Company (CIMC), the first of its kind in the Middle East, houses three government-linked organizations under one roof — the Malaysian Palm Oil Council, Malaysian Rubber Council and Malaysian Timber Council.
The CIMC will act as Malaysia’s commodities hub to deliver high-quality agricommodity products to the Middle East and Africa.
Malaysian Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin said in a press conference the office is important for her country’s commodities in the region, especially Saudi Arabia.
“This will lead to bigger opportunities for bilateral trade between the two countries,” she added in a statement.
Saudi Arabia has committed to lift Malaysian palm oil imports from 318,000 tonnes, valued at RM900 million ($215 million) last year, to 500,000 tonnes this year estimated to be worth RM1.5 billion.
In 2020, Malaysian commodity exports to the MENA region totaled $2.37 billion, with exports of rubber and related products accounting for $535 million.
Exports of timber and related products were worth US$324.5 million, while palm oil and palm oil products hit US$1.51 billion.
