Joint efforts between Malaysia and Qatar to reinvigorate the economy post COVID-19

KUALA LUMPUR: The joint efforts between Malaysia and Qatar through Trade and Investment Mission (TIM) is to reinvigorate a sustainable economy post COVID-19, said the Ministry of International Trade and Industry (MITI) today.

It said in a statement that Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali is on a three-day TIM to Qatar to promote Malaysia as an investment destination of choice, as well as further enhance bilateral trade and economic ties.

"Both governments are committed to resume efforts on operationalising the strategies through the third Malaysia-Qatar Joint Trade Committee (JTC) meeting, necessitating stronger private sector participation in the dialogue.

"Both governments will jointly facilitate and continue to work on the Investment Guarantee Agreement to encourage more investment cross-flows between Qatar and Malaysia," said MITI.

In the same statement, Mohammed Azmin said with the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement, Qatar could use Malaysia as its trading hub in the ASEAN region, underscoring that Malaysia offers the best location in the region as it is connected to a market size of over two billion people.

On bilateral investment, Mohammed Azmin has advocated that Malaysian projects as the key to advancing Malaysia's interest, where pursuant to the memorandum of understanding (MoU) signed between the Malaysian Investment Development Authority (MIDA) and the Investment Promotion Agency of Qatar (IPAQ), both agencies could take this to the next level.

During the meeting with Qatar's Minister of Commerce and Industry and Acting Minister of Finance Ali bin Ahmed Al Kuwari, the senior minister has discussed a broad spectrum of matters including the current state of the COVID-19 pandemic and how best to create joint efforts for a sustainable economic recovery.

He has also reiterated Malaysia's clear and comprehensive exit strategy through the National Recovery Plan.

Mohammed Azmin is scheduled to meet the Prime Minister of Qatar Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani today to start the discussion on Malaysia's National Investment Aspirations (NIA) that would drive and deepen the strong partnership with Qatar.

The TIM will continue with targeted one-on-one business meetings on new opportunities and collaboration that are paramount for the expansion of public-private strategic partnerships, said MITI.

It said that the meetings will be held with prominent leaders of Qatari companies in the retail service, cyber security and other areas that will expand Malaysia's footprint in the global halal industry.

-- BERNAMA