Malaysia, Qatar To Set Up US$2 Billion Fund To Boost Bilateral Cooperation, Investment

PUTRAJAYA, Dec 5 (BERNAMA) -- Malaysia and Qatar Monday agreed to work together to set up a US$2 billion Malaysia-Qatar fund, said Prime Minister Najib Tun Razak. He said both countries agreed that the fund would help increase bilateral cooperation and investment. "We both agreed that each country would set aside US$1 billion to begin with and look for investment opportunities in Malaysia, Qatar and also within the whole region," he said at joint press conference with Qatari Prime Minister Sheikh Hamad Jassim Jabr Al Thani here Monday. Sheikh Hamad is on a three-day working visit to Malaysia, starting Monday. This is his first as prime minister. He was here in 2006 as first deputy prime minister. Najib said both countries would be working out the details on the fund, including other general areas. He also said both countries were confident the volume of total trade and the range of products sold would be further increased. "Total trade between Malaysia and Qatar increased by almost 200 per cent reaching RM3.3 billion (US$1.05 billion) for the first nine months of this year," he said. Najib said Sheikh Hamad has responded positively to a request made by Petronas to buy natural gas from Qatar. On when Malaysia would buy gas from Qatar, he said, the country was looking at Petronas' requirement and would disclose details later. "As you know, we are in the midst of building the offshore gas terminal that will be ready in July next year. So, once the terminal is ready, there will be a requirement for more import of natural gas," he said. He said he and Sheikh Hamad agreed that the discussions were productive and fruitful. "Sheikh Hamad has suggested that Malaysia open a national showroom in Doha to add impetus to bilateral trade. "I have agreed to the proposal because the showroom would enable the Qataris and those within the region to see for themselves and get acquainted with our range of products and services," he said. Najib said they also discussed the involvement of Qataris in the development of Sg Besi land, where the masterplan was being work out by 1Malaysia Development Bhd (1MDB). He said investment opportunities in the Iskandar region in Johor was also discussed. On the national level, he said, Malaysia's commitment to implement Economic Transformation Programme meant that there would be opportunities for greater investments from Qatar into Malaysia. Najib said both leaders also agreed to work together towards ensuring that there would not only be greater transparency but good governance in respect to law and human rights in the region. "That is why through the leadership of His Excellency, we have supported Qatar's initiative and leadership role in the region," he said. He said he would brief Sheikh Hamad on the possibility of participation in the development in Langkawi. -- BERNAMA