Malaysia, Saudi Arabia To Boost Bilateral Trade

KUALA LUMPUR, Dec 15 (Bernama) -- Malaysia and Saudi Arabia will take measures to aggressively strengthen trade and investment between the two countries. International Trade and Industry Minister Mustapa Mohamed expressed this hope after a bilateral meeting with Deputy Minister of Commerce and Industry of Saudi Arabia, Mohamed Al Khatiri, in Geneva on the sidelines of the World Trade Organisation meeting. "At the bilateral meeting, Mustapa suggested that the Malaysia-Saudi Business Council organise more familiarisation programmes for officials and businessmen from the two countries. "Khatiri said that there are many opportunities for Malaysian companies to do business in Saudi Arabia, especially in the construction sector, as a result of the implementation of the government's extensive development programme," the ministry said in a statement on Thursday. In 2010, Malaysia's total trade with Saudi Arabia increased by 38 per cent to US$2.896 billion from US$1.923 billion in 2009. From January to October this year, total trade between the two countries reached US$3.454 billion compared to US$2.205 billion in the corresponding period in 2010. The statement said Mustapa, at the same bilateral meet, proposed the creation of a Joint Economic and Trade Committee to bring bilateral trade and economic relations to a higher level. "The Saudi Deputy Minister endorsed the proposal and said the Saudi Government looks forward to supporting initiatives in this regard," it added. Mustapa is in Geneva from Dec 14 to 17 to attend the WTO meetings. -- BERNAMA Malaysia