Malaysia and Saudi Arabia agreed to form a ministerial-level committee to boost bilateral trade, investment, and economic cooperation, according to Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The matter was decided at a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Saudi Arabia’s Trade Minister Dr Majid Abdullah Alkassabi at the Ritz-Carlton Hotel here, according to Malaysian Investment, Trade and Industry Minister.

“This committee will monitor the development of trade, investment, and the economy between the two countries, as well as the prospect of future cooperation,” Tengku Zafrul told Malaysian media covering the prime minister’s visit to Saudi Arabia. “This demonstrates Malaysia and Saudi Arabia’s seriousness and commitment to further increase trade and investment cooperation to a new level.”

According to Tengku Zafrul, Malaysia is currently Saudi Arabia’s eighth-largest trading partner.

“Being among the top 10 countries in trade with Saudi Arabia proves that the country has chosen to prioritise joint ventures and cooperation with Malaysia,” he said.

Saudi Arabia is Malaysia’s most important trading partner among West Asian countries, with total bilateral trade between the two countries expected to reach USD10.26 billion in 2022, up 156.2 percent from 2021. Saudi Aramco’s Pengerang Integrated Complex in Johor is one of Saudi Arabia’s major projects in Malaysia.

Saudi Aramco was named one of the top six most profitable companies in the world by Fortune Global 500 in 2021, with a revenue of USD105 billion.

Anwar had previously met with the leaders of well-known Malaysian and Saudi Arabian companies that have established trade and investment cooperation.