Riyadh and Malaysia Strengthen Economic Ties Through Business Council Launch
In a move to boost economic collaboration, Saudi Arabia and Malaysia have officially launched a business council that aims to drive growth across various sectors. The council was inaugurated during the visit of Saudi Minister of Commerce Majed bin Abdullah Al-Qasabi, leading a delegation of 44 officials and leaders representing 20 government bodies and 24 private sector entities to Malaysia.
During the visit, Minister Al-Qasabi announced the establishment of the business council, highlighting its significance in enhancing economic relations between the two countries. In a post on his X account on May 6, Al-Qasabi stated, “We inaugurated today with the Minister of Investment, Trade and Industry, Tengku Zafrul Aziz the Saudi-Malaysian Business Council to contribute to strengthening economic and trade relations in the promising sectors in the two brotherly countries.”
The discussions between Saudi and Malaysian officials focused on enhancing partnerships within various business sectors of both nations. Minister Al-Qasabi held a roundtable meeting with Aziz, Sulaiman Mahbob, chairman of the Malaysian Investment Development Authority, Dato Seri Reezal, chairman of the Malaysia External Trade Development Corp., and Shaharul Sadri Alwi, director general of the Department of Standards Malaysia.
Highlighting the importance of cooperation, Minister Al-Qasabi also met with Malaysian ministers of entrepreneurship development, agriculture and food industry, and works to discuss areas such as training, knowledge transfer, innovation, and sustainability. Efforts to boost exports and improve access to global markets for Saudi and Malaysian companies were also addressed.
The Saudi Press Agency reported that the discussions also emphasized collaboration in capacity building in innovation, emerging technologies, research programs, and e-commerce. Minister Al-Qasabi emphasized the significant transformations brought about by Saudi Arabia’s Vision 2030, aiming to position the country as a global hub for trade and logistics services.
In conjunction with the Saudi delegation’s visit, representatives from the Federation of Saudi Chambers and the National Chamber of Commerce of Malaysia signed agreements to enhance economic cooperation. Private sector companies from both countries also engaged in bilateral meetings and signed trade and investment partnership agreements across multiple sectors.