SAUDI ARABIA TO STEP UP ECONOMIC COOPERATION WITH MALAYSIA

From Jamaluddin Muhammad

JEDDAH, July 20 (Bernama) -- Malaysia's recent economic liberation measures
have boosted Saudi Arabia's interest to enhance bilateral economic cooperation,
Malaysian Prime Minister Najib Tun Razak said here.

He said King Abdullah Abdulaziz Al Saud had expressed the possibility of
Saudi
Arabia participating actively in Malaysia in the Islamic banking sector, and
expand participation in the Islamic services and product manufacturing sectors,
and raise its equity in the country as well.

King Abdullah, who is the Custodian of the Two Holy Mosques, had conveyed
this
when Najib had an audience with the monarch at the palace Saturday
evening(almost midnight in Malaysia).

Speaking to Malaysian reporters after the audience, Najib said the Al Rajhi
Bank of Saudi Arabia was already operating in Malaysia and businessmen of both
countries were engaged in joint ventures in telecommunications in Malaysia and
the energy sector and urban development in Saudi Arabia.

Najib's administration has liberalised 27 services sub-sectors, the
financial
services sector and the foreign investment sector to make Malaysia's economy
more attractive to foreign investors and stimulate economic activities in facing
global economic challenges.

Najib, who concludes his four-day visit to Saudi Arabia Sunday, said King
Abdullah expressed satisfaction with the ties between Riyadh and Kuala Lumpur
and said Saudi Arabia regarded Malaysia as a close friend.

"His Majesty considers Malaysia as an exemplary nation in terms of the
progress
we have achieved thus far," he said.

On international issues, Najib said Malaysia agreed to a proposal of the
monarch for the inter-religious dialogue to be held in Austria.

Malaysia also agreed to the expediting of a proposal by the king for the
setting up of an international centre for intelligence sharing in fighting
terrorism, he said.

The discussions on international issues at the audience also covered
developments in the Middle East.

On tourism, Najib said he had learned that Saudi Arabian tourists had
expressed much satisfaction with their experiences in Malaysia.

On pilgrimage, he said King Abdullah had praised Malaysian pilgrims for
their strict adherence to the law and regulations and for not engaging in
political activity when performing the pilgrimage in the Holy Land.

He said Malaysia was also thankful to Saudi Arabia for the quota on the
number of pilgrims allocated to the country.

He also said that King Abdullah had explained to him the efforts being made
by Saudi Arabia to enhance the facilities accorded to pilgrims.

Najib said the audience which was scheduled for 30 minutes had dragged on to
75 minutes.

After the audience, Najib, his wife Rosmah Mansor, their son Nor
Ashman Razak and other members of the delegation left for Mecca to perform the
Umrah (minor pilgrimage).

-- BERNAMA