Yemen and Malaysia: Towards Highly Developed Relations [Archives:2001/34/Business & Economy]

August 20 2001

The Yemeni-Malaysian relations have witnessed considerable developments in all aspects of life, such as in economic, scientific or commercial ties,in the recent years. Bilateral relations between the two wise leaderships have been firmly consolidated by exchanging visits at high levels and by going seriously in the direction of improving economic relations and establishing investment partnership between the owners and businessmen in both countries. The visit paid by the Malaysian President, HE. Mahatheer Mohammed, which started last Wednesday, have had fruitful results. Both parties signed a Memorandum of Understanding to set up a Yemeni-Malaysian joint committee which will aim at augmenting trade exchanges and providing investment opportunities in Yemen. In addition, the two parties signed another memorandum stipulating that Malaysia has granted Yemeni employees with training courses in the field of civil services in Malaysia. Malaysian President’s visit to Yemen will deepen already strong relations between the two countries based on the mutual interest to broaden the two nations’ horizons in all fields. Statistics indicate that Yemeni exports to Malaysia last year totalled 67 million Ringgit ( USD 17.63 million), while Malaysian imports to Yemen reached 260 million Ringgit (USD 68.42 million). Yemen are therefore hoping to consolidate its exports to the Malaysian market and an attempt had been made to find a mutually satisfying equilibrium in the trade balance between both countries.
Around 21 Malaysian companies have taken part in investment discussions. Petronaz National Company was among them. The participants were given the possibility to check the different opportunities and the legal incentives offered by the Yemeni Investment Law in the Aden Free Trade Zone, particularly for foreign purchasers. The Yemeni side took an interest to attract capitals of Yemeni expatriates in Malaysia. Indeed, around 100,000 Yemeni expatriates own companies in Kuala Lumpur and they are susceptible to invest their capital in the Aden Free Trade Zone.
President Saleh’s visit in Malaysia in 1994 paved the way of strong relationships between both countries and led to flourishing economic and commercial bonds. In August of last year, the Speaker of the Malaysian Parliament, Mohammed Haji, called all Malaysian businessmen to invest their capital in Yemen. As a result, Malaysian companies were offered business opportunities to explore for oil in Yemen. Malaysian tourists are also encouraged to visit touristic and religious monuments in Yemen.
In conclusion, the Yemeni-Malaysian bilateral relations witnessed a considerable evolved in all fields in the aim of strengthening ties between both countries.