The Saudi Arabian authorities have issued an invitation to the Malaysian business sector to participate in projects in the country’s transport, power, water, information technology and telecommunications and petrochemical sectors.
The offer was made by Prince Abdullah Faisal Al-Saud, CEO of the Saudi Arabian General Investment Authority (Sagia). His comments came during a meeting with Datuk Seri Rafidah Aziz, the Malaysian international trade and industry minister in Kuala Lumpur. Saudi Arabia, the prince said, offers good investment opportunities, especially for small and medium-scale enterprises.
Prince Abdullah explained that the government of Saudi Arabia today offers 100 percent equity ownership for new foreign investments in the country, and reduced taxes for foreign investment.
Trade between Malaysia and Saudi Arabia last year totaled $956 million with Malaysian exports equaling $324 million. Malaysia's main export items to Saudi Arabia last year were vegetable oil, furniture, television, jewelry and timber. — (Albawaba-MEBG)
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