DOHA, Oct 6 – Efforts are underway by Khazanah Nasional Bhd and the Qatar Investment Authority to establish a joint investment fund, said International Trade and Industry minister Datuk Mustapa Mohamed today.
He disclosed that Khazanah officials were already in talks with their counterparts in Qatar and more follow-up meetings have been suggested.
“I hope Khazanah will draw up several strategies and recommendation for the further perusal with Qatar authorities.
“What’s certain is Qatar is very keen to invest in Malaysia. They need concrete proposals from Malaysia and we are confident Khazanah Nasional and others are drawing up definite proposals for the consideration of the Qatar Investment Authority,” he said.
It was reported in January that Tun Abdullah Ahmad Badawi, who was then Prime Minister, on a visit to Qatar, had in-depth discussions on the establishment of a US$1 billion investment fund by both countries.
Datuk Seri Dr Rais Yatim, who was then Foreign Minister, was reported to have said that the fund has been agreed upon at the policy level.
The aim of the fund is to get both countries to plough capital in certain investments, either in Malaysia or Qatar.
Investments from Qatar in Malaysia, at present, include 70 per cent equity in Asian Finance Bank and a 49 per cent stake in Pavilion Mall in Bukit Bintang, Kuala Lumpur.
Mustapa is leading a week-long trade and investment promotion mission to Qatar, Egypt and Saudi Arabia. After Doha, the delegation will depart for Cairo before making a stop-over in Jeddah and Riyadh.
In Doha, the Malaysia-Qatar Joint Trade Committee held its inaugural meeting on Monday, focusing on efforts towards enhancing trade and economic ties. The meeting was jointly chaired by Mustapa and Qatari Acting Minister of Business and Trade and Minister of State for International Cooperation Dr Khalid Bin Muhammad Al Attiyah.
“I am convinced with the interest they have shown. They are rich in gas and petroleum resources and the chances of future investments coming our way is bright, but we have to work on these prospects.
“For the Middle East, we need to adopt a new approach to lure investment and we realise we have to be very aggressive,” said Mustapa.
He added that the Prime Minister’s role in drawing foreign investments to Malaysians shore has borne fruit.
Last week, Najib announced that the government would form a joint venture company with Saudi Arabia. The Saudi investment is for a planned US$2.5 billion fund that will be set up by PetroSaudi International and a Malaysian government body called 1 Malaysia development.
“The money will flow to Malaysia,” said Mustapa, adding that investors from Saudi Arabia, Qatar, Egypt and Middle East countries must be constantly wooed.
“We should develop a personal touch with them as other countries are constantly trying to woe them. And, that is what I am trying to do,” he added. – Bernama
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