Malaysia targeting Gulf trade and tech ties at WEF, minister says

RIYADH: Malaysia is looking to partner with Gulf-based companies on renewable energy, the country’s minister of investment has said.

Speaking to Arab News at the two-day World Economic Forum meeting in Riyadh, Tengku Zafrul Aziz said that about 50 Malaysian companies are in discussions to invest in renewable energy and share technologies.

“There is a lot of demand now for green renewable energy. We want partners who can not only go by funding, as we have funding capabilities, but also more in terms of technology and know-how,” he said.

“Many GCC companies who have already invested in this area are willing to share technology pools and invest with our funds, our companies, and our sovereign wealth fund.”

Malaysia is also exploring investment and technology-sharing deals in artificial intelligence and the digital economy.

“We also got interest from GCC companies on that matter and they have invested a lot in this technology. Now we want to learn and partner, so that the infrastructure that we build using digital platforms can be applied using applications that some of these companies already have.”

The World Economic Forum meeting in the Saudi capital is focusing on global collaboration, growth and energy for development — themes that the Malaysian minister said were “apt” given the geopolitical challenges in the region.

“This is a platform where we can share ideas about how we can improve the standards of living for all and not just focus on issues that may benefit a few,” he added.

“We want to see growth, especially in terms of trade and economy, and that must be beneficial to all. We want to see growth that is sustainable and equitable — growth that is inclusive. This is an opportunity to strengthen trade and investment linkages between the GCC and Southeast Asia.

“We need to strike the right balance when we talk about the quantity of the growth vs. the quality of that growth.”

Aziz said that parties are also exploring new multilateral trade agreements between the ASEAN union and the GCC, in an effort to launch a more comprehensive economic partnership agreement.

“This will deepen the relationship between countries in terms of economy, which will bring about peace. Malaysia is an open economy,” he said.

“While we continue to engage China as Malaysia’s largest trade partner, we are looking to engage other countries in constructive ways.”