Business

Tuesday June 2, 2009

M’sian firms urged to invest in Saudi Arabia


PETALING JAYA: Malaysian investors should head to Saudi Arabia for growth opportunities as the country has not been severely affected by the global economic crisis, with an estimated US$500bil (RM1.74 trillion) worth of investment opportunities over the next five years, according to Saudi authorities.

Saudi Council of Chambers and Industry secretary-general Fahad Al Sultan said the Saudi economy was expected to grow by 6.2% this year, from 4.7% last year.

“The Saudi economy is one of the least negatively impacted by the international crisis,” he told a press conference here yesterday, adding that sectors such as education, health, telecommunication , infrastructure, agriculture and railroads had plenty of growth opportunities.

“We do urge Malaysian investors to come and visit Saudi Arabia and participate in the development programmes. We need their technology and expertise,” he said.

Bilateral trade between the two countries was valued at US$3bil, according to Fahad, who said “there is still room in respect of improving bilateral trade between the two countries.”

Malaysia External Trade Development Corp deputy chief executive officer Wong Lai Sum said the agency was looking to help facilitate double-digit growth in bilateral trade between the two countries.

Saudi Arabia is a leading exporter of petroleum, with oil accounting for more than 90% of exports and nearly 75% of government revenue.

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