2002 News Story

Kingdom and Malaysia strengthen economic ties

Custodian of the Two Holy Mosques King Fahd bin Abdulaziz received in Riyadh on Saturday visiting Prime Minister of Malaysia Dr. Mahathir Mohamad, as did Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz. Dr. Mohammed, together with President of the Saudi Chamber of Commerce and Industry Abdulrahman Ali Al-Juraisy, signed a memorandum of understanding to set up a Saudi-Malaysian Business Council.

Dr. Mohammed then traveled to Jeddah to pay a visit yesterday to Jeddah's Chamber of Commerce and Industry, where he discussed investment opportunities, especially in tourism and industrial projects, available for Saudi investors in Malaysia, before leaving the Kingdom today.
While in Riyadh, Dr. Mohammed addressed the ongoing seminar 'Future Vision for the Saudi Economy'. The Saudi economy, he said, is totally different from that of his own country, which is very dependent on trade, and which also suffers a manpower shortage. Therefore, the Malaysian economy supports high-tech, capital intensive industries. He concluded by remarking: "If we adhere strictly to the teachings of Islam, we can be economically and politically strong without losing our identity or our faith."