The volume of Malaysian investments in Saudi Arabia is estimated at $4.5 billion (SR16.1 billion), local media said quoting a senior official of Jeddah Chamber of Commerce and Industry (JCCI).

JCCI Secretary General Adnan Mandoura, upon receiving the new Malaysian commercial attaché Kerol Anwar, said Saudi direct investments in Malaysia are reaching $100 million (SR 375 million).

The investments are targeting 10 major industries such as food, electronics, electric products, textiles, plastics, machinery and equipment, he was quoted by Al-Watan daily as saying.

The number of Malaysian companies registered at the Saudi Arabian General Investment Authority (SAGIA) stood at 87 of which 17 are engaged in the industrial sector and the remaining 70 are working in service sector. Thirty-four companies are 100 percent owned by the Malaysians while 53 firms are joint venture (JV) projects with Saudi and other foreign investors, he added.

Trade exchange between the two countries has steadily grown from $260 million in 1990 to $3.66 billion (SR13.7 billion) in 2012, the JCCI chief said.

The volume of Malaysian exports to the Kingdom increased to $1.22 billion (SR4.57 billion) in 2012. The exports included electric and electronic products, metal industries, machinery, spare parts, chemical and wood products.

Meanwhile, Malaysia’s major imports from the Kingdom included crude oil, refined oil and chemical products. The Kingdom is the 19th biggest commercial trade partner with Malaysia and the 16th biggest importer country from it.