Kuala Lumpur (UNA-OIC) – Qatar, one of Malaysia’s largest trading partners, has highlighted the need for both countries to continue working on the Investment Guarantee Agreement (IGA).
Qatar’s Minister of Commerce and Industry Ali Ahmed Al Kuwari said the protection to investments accorded under the IGA will encourage more investment crossflows between Qatar and Malaysia.
According to a statement by the Ministry of International Trade and Industry, Al Kuwari had also proposed for the signing of the agreement to take place at the next Joint Trade Committee (JTC) meeting, which Qatar is keen to host.
The Qatari minister made the statements in a meeting with MITI Minister Mohamed Azmin Ali during his three-day visit to Doha, under a trade and investment mission, which began on Sunday.
During the meeting, both ministers discussed a broad spectrum of matters, including collaboration initiatives for bilateral and regional economic cooperation to spur trade and investment ties as well as sustainable economic recovery.
As part of the trade and investment mission, Mohamed Azmin will also be meeting with prominent leaders of Qatari companies as well as potential investors to further explore business opportunities and collaborations in retail service, cybersecurity and expanding Malaysia’s footprint in the global halal industry.
In 2020, Qatar was Malaysia’s sixth-largest trading partner and its seventh source of import in the West Asia region.
Last year, total trade between both countries stood at RM2.10 billion, with Malaysia’s exports to Qatar amounting to RM1.13 billion and imports at RM0.97 billion.