“Makkah Chamber” Enhances Trade & Economic Relations Between Saudi Arabia & Malaysia
The Secretary-General of the Chamber of Commerce and Industry in Makkah Al-Mukarramah, Eng. Ismat Abdul-Karim Maatouq, affirmed the depth of Saudi-Malaysian commercial and economic relations, noting that the Makkah Chamber seeks to facilitate trade exchange between business owners in the two countries through a number of exhibitions and mutual visits between business owners on both sides.
The official in international relations at the Makkah Chamber, Fahad Saud Damanhouri, explained that cooperation extends to increased mobility between the two sides through joint work between the chamber and the Malaysia Consulate in Jeddah.
He indicated that the Makkah Chamber strengthens its interest in international cooperation through the Makkah Exhibition Center, which will be launched during the coming period.
It will support the crowning of Mecca as the capital of the Islamic economy, through the great flow expected in this regard.
The Commercial Commissioner of the Malaysian Consulate in Jeddah indicated that the consulate is planning to intensify its efforts to increase the volume of trade exchange and business between the Saudi Kingdom and the Kingdom of Malaysia for this year, by taking advantage of digital platforms in light of the ongoing Covid-19 pandemic.
Busram Yuseb noted that among the most sought-after products from Malaysia are medical devices, pharmaceutical products, rubber and latex gloves, palm oil-based products, cars and their components, furniture, fashion, ready-made clothes, electrical and electronic tools.
With regard to bilateral trade, the Commercial Commissioner of the Malaysian Consulate said: “Malaysia remains one of the Kingdom’s main trading partners, as the volume of trade between Malaysia and the Kingdom in the period from January to November of 2020 amounted to $ 4.4 billion, a decrease of 10.1% from 2019 due to the pandemic, as exports reached $904.2 million and imports $3.5 billion.”
He pointed out that the main exports to the Kingdom included palm oil, palm oil products, electrical and electronic products, processed foods, machinery, equipment, spare parts and mineral processing.
Furthermore, he stressed that crude oil dominated Malaysian imports from the Kingdom, as it represented 51.9% of Saudi exports to Malaysia, followed by chemicals, chemical products and petroleum products.
