Riyadh, Saudi Arabia – Bilateral trade between Saudi Arabia and Malaysia rose 160% in 2022 compared to 2021, revealed the joint statement issued at the conclusion of the visit of Malaysia’s Prime Minister, Anwar Ibrahim, to the Kingdom of Saudi Arabia.
The statement stressed the importance of continued collaboration to enhance and diversify trade between the two countries. It also underlined the importance of overcoming any challenges hindering the development of trade relations and intensifying communication between the private sectors in both countries to explore promising business and investment opportunities and transform them into tangible partnerships.
Both sides expressed commitment to enhance investments between their two countries with the Saudi side inviting Malaysian companies to take advantage of the investment opportunities presented by the projects of the Saudi Vision 2030, and benefit from the expertise and capabilities of outstanding Malaysian companies.
The two countries expressed their desire to enhance cooperation in the field of Islamic finance by offering specialized Islamic financial products and services, especially in the area of Islamic Murabaha. The Saudi side appreciated Malaysia’s support for the Kingdom’s bid to host the 17th session of the International Organization of Supreme Audit Institutions (INTOSAI) for the year 2027.
In the field of energy, the two sides highlighted their close cooperation and the successful efforts of the countries in the OPEC+ Group to enhance stability in global petroleum markets. They also underlined the importance of continuing this collaboration and the necessity of all participating countries in the OPEC+ agreement to adhere to measures that serve the interests of producers and consumers while supporting global economic growth.
The two sides decided to strengthen their trade partnership and the existing cooperation in the supply of crude oil and its derivatives.
The Saudi side reaffirmed that the Kingdom will continue to be Malaysia’s largest and most reliable partner for crude oil supplies. Both sides underlined the importance of enhancing cooperation in the fields of petrochemicals and agricultural fertilizers, collaborating to explore investment opportunities in refining and petrochemicals, and working together on innovative uses of hydrocarbon materials.
During his visit, Prime Minister Anwar Ibrahim was received by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia. The two leaders engaged in official talks where they reviewed the extensive historical ties between their countries and discussed strategies to advance these relations.
Other Key highlights of the joint statement include:
Environmental Initiatives: Malaysia showed support for Saudi Arabia’s green initiatives and efforts to combat climate change, particularly the circular carbon economy approach. Both nations emphasized adherence to the principles of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
Areas of Collaboration: The two countries agreed to collaborate in multiple sectors, including renewable energy, environment, water, agriculture, communications, technology, digital economy, innovation, transportation, logistics, tourism, higher education, research, innovation, and health.
Defense and Security: The joint statement highlighted the intention to enhance collaboration in defense and security matters to achieve mutual security and stability.
International Peace and Security: Saudi Arabia and Malaysia expressed their commitment to maintain international peace and security and strengthen cooperation in addressing regional and international issues.
Yemen: Both countries expressed their support for UN and regional efforts to reach a comprehensive political solution to the Yemeni crisis.
Iran: The leaders emphasized the importance of Iran’s commitment to the peacefulness of its nuclear program and cooperation with the International Atomic Energy Agency.
Palestinian Issue: Saudi Arabia and Malaysia urged the international community to pressure Israel to respect international law and humanitarian principles in the Palestinian territories and support a two-state solution for lasting peace.
Afghanistan: Both nations highlighted the importance of continued international coordination to ensure security and stability in Afghanistan, prevent its use as a haven for terrorist groups, and provide humanitarian aid to the Afghan people.
Russian-Ukrainian Crisis: Saudi Arabia and Malaysia called for a peaceful resolution to the crisis and efforts to de-escalate the situation.