JEDDAH, 28 June — The distribution of Malaysian car Proton, which entered the Saudi market a couple of years ago, is affected as new agency terms are being worked out, a senior Malaysian diplomat said here yesterday.
“We’ve been able to sell a sizeable number of units since the introduction of the car against stiff competition from Japanese and Korean cars,” according to Mohtar Abdullah, Malaysia’s new consul and trade commissioner. He was speaking at a press conference at the Jeddah Chamber of Commerce and Industry held for introducing the International Malaysia-Arab Fair 2001, scheduled in Kuala Lumpur from July 28-30.
“We invite Saudi investors to buy up potential stocks in the Kuala Lumpur stock exchange at a time when their trading value is low. We offer lucrative investment opportunities with several advantages and incentives. Several mega projects are in the pipeline awaiting overseas investors,” Malaysian Consul General Syed Sultan Idris said.
“Malaysia, which suffered badly during the currency crisis of 1997, managed to overcome the turbulence and has been making economic recovery without the assistance of World Bank or IMF. The stock market is now at its lowest level making it more attractive for Saudi and other foreign investors to come in,” he said, adding that the country’s international airport, monorail system, telecommunications and communication system were among the sectors open for investment.
IMAF representative Abdul Rahim Abdullah said the level of Saudi investment in Malaysia was relatively small at present. In 2000 investment from the Kingdom was only $3.9 million involving just one project costing $0.7 million and equity participation totaling $3.2 million. From 1990 to March 2001, eight manufacturing projects from the Kingdom with equity worth $38.7 million were approved. These projects were mainly in electrical, electronic, food processing, plastic products, textile and textile products. “The country welcomes more Saudi investment in the manufacturing sector,” he added.
