Saudi Arabia, Malaysia bilateral trade in 2023 recorded at $11.07bn

RIYADH: The Kingdom was the largest trading partner of Malaysia among the West Asian countries in 2023, Datuk Wan Zaidi Wan Abdullah, ambassador of Malaysia to Saudi Arabia, said on Thursday.
Abdullah was speaking at a reception hosted by the Embassy of Malaysia, celebrating National Day, Malaysia Day, and the 91st Malaysian Armed Forces Day at Riyadh’s Cultural Palace.
He highlighted the two countries’ history as trading partners.
“The total bilateral trade between the two countries in 2023 was recorded at $11.07 billion, an increase of 8.5 percent from 2022,” he said. “As of the first quarter 2024, numerous projects involving the Kingdom’s participation have been approved in Malaysia, with total investments amounting to $1.65 billion.
“The bilateral economic ties have been strengthened further with the inauguration of a business council during the visit of Majed Al-Qasabi, minister of commerce, to Malaysia this year, paving the way for more extensive trade and investment opportunities, particularly in sectors aligned with Saudi Arabia’s Vision 2030.
“We are celebrating the National Day not only for Malaysia, we are celebrating the good ties between Malaysia and Saudi Arabia,” the ambassador told Arab News.
“That’s why we invite diverse people, not only Malaysians, but also our Malaysian friends in Saudi Arabia and businesses.”
In his opening remarks, Abdullah highlighted that the celebration of National Day and Malaysia Day was centered around the theme, “Malaysia MADANI: Jiwa Merdeka.”
He explained that Malaysia MADANI represented Malaysia’s prosperity and progress, grounded on the core values of “sustainability, care and compassion, respect, innovation, prosperity and trust.”
The Malaysian Armed Forces celebrate their Armed Forces Day in line with the formation of Malaysia on Sept. 16, 1963.
The ambassador in his speech highlighted the history of Malaysia, the country’s stance on Palestine, and Saudi-Malaysian cooperation on trade and bilateral relations.
“Since the independence of our nation 67 years back, on August 31, 1957, Malaysia has witnessed phenomenal growth, transitioning from an agriculture-based economy to a dynamic, diversified one,” Abdullah said.
He said that “Malaysia remains unwavering in its support of the Palestinians and their cause to achieve freedom from the illegal Israeli occupation.”
Speaking about bilateral relations between Saudi Arabia and Malaysia, the ambassador said that numerous high-level visits had taken place since his mission as ambassador, referencing Malaysian Prime Minister Anwar Ibrahim’s several visits to the Kingdom.
“This not only solidifies the longstanding close relations between Malaysia and Saudi Arabia but further strengthens the personal bond between the two leaders,” he said.
Following his remarks, young martial artists took to the stage in a multiple-part traditional Malaysian martial arts demonstration.
Undersecretary of Riyadh Region Faisal Al-Sudairi was among the invited officials attending the ceremony.