posted on 13/03/2013: 2039 views
H.H. Gen. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Datuk Seri Najib Tun Razak, the Prime Minister of Malaysia yesterday witnessed the signing ceremony for two Memoranda of Understanding (MoUs) at the Malaysian Cabinet's building.
The first MoU between the UAE's International Petroleum Investment Company (IPIC) and Malaysia's 1MY Strategic Oil Terminal Sdn Bhd (1MY) and two other Malaysian parties provides for building a petroleum storage facility for up to 60 million barrels of crude oil to be located at Tanjung Piai in Johore state. It allows for future agreement on building a refinery and petrochemical plants.
IPIC was represented at the signing of the MoU by its Managing Director, Khadem Al Qubaisi.
The second MoU, signed by Aabar Investment PJS and 1Malaysia Development Berhad (1MDB), provides for setting up a joint fund for investments in Malaysia, Abu Dhabi and all other countries.
Aabar was represented at the signing of the MoU by its board chairman, Khadem Al Qubaisi.
On the occasion, His Highness Sheikh Mohamed bin Zayed Al Nahyan delivered a speech in which he said he was delighted to meet with the Prime Minister of Malaysia, Najib Tun Razak, again in his country, "one with which we have special and strong relations." His Highness Sheikh Mohamed said: "I very much appreciate your sincere efforts and constructive role in supporting and invigorating mutual cooperation. I value your continuous work in building Malaysia's special ties with the United Arab Emirates to ensure collaborative and sustainable relations of mutual benefit of both people in the short and long term.
"We share with you an ambition to look towards the future and the strong will to make valuable investments in the development of human capital. This has earned both countries high respect and opened the doors for sustainable and ongoing development, underpinning the significant relations between our two countries.
"Our meeting today is a great opportunity for genuine dialogue and exchanging views, and for discussing a number of bilateral topics and existing areas of cooperation. It will certainly help reinforce and develop the partnership between our countries, especially in view of the astounding development that both the UAE and Malaysia are witnessing. This development is further supported by a free, diversified economy that is capable of adapting to change.
"We believe in a collaborative approach between the government and private sectors, and that private companies and corporations and businessmen and investors are genuine partners in sustainable development. Together we play an active and constructive role in strengthening bilateral ties and promoting them further under conditions of security, stability and a favourable investment climate.
"It is my pleasure to take this occasion to emphasise that the UAE welcomes the participation of Malaysian corporations and companies in the implementation of joint development projects and to call on UAE corporations and companies to forge further partnerships and invest in Malaysia.
"We are fully confident that our visit to Malaysia, our talks with Your Excellency and the agreements we have reached will contribute to achieving our shared aim. We are driven by a determination and joint will to progress our distinguished relations and support a strong and robust UAE-Malaysian cooperation that can meet the aspirations and expectations of our friendly countries and their leaderships." "The Malaysian development experience has been rich and unique, and one that has achieved global recognition and success.
"We wish Your Excellency continued success and for Malaysia and its friendly people progress and prosperity," His Highness Sheikh Mohamed bin Zayed concluded.
For his part, the Malaysian Prime Minister Najib Tun Razak said the visit by His Highness Sheikh Mohammed emphasised the solid relations and ties between the two friendly peoples.
He expressed his pleasure at the holding of extensive and fruitful discussions, ranging from bilateral relations to cooperation in trade and investment and said both leaders had agreed that there was huge potential for greater collaboration.
He said that sustainable investment in important high-impact projects was vital to Malaysia's long-term economic and social growth, while the RM18 billion strategic partnership to promote new economic initiatives would spur billions of ringgit in the long-term sustainable investments in Malaysia and the RM21 billion storage facility in Tanjung Piai, with the capacity to store 60 million barrels of crude oil and petroleum, would spur significant economic activities.
He described the project as a vote of confidence in the strength and long-term stability of Malaysia and its economy and in the growing partnership between the two countries.
He said that while other parts of the world remained in economic doldrums, Malaysia's economy was roaring ahead, enjoying robust growth, low unemployment, low inflation and sustainable debt levels.
"With the projects such as those announced today, which will create hundreds of thousands of well-paying new jobs for Malaysians, we can be assured that our country is well on the way to becoming a developed nation by 2020," Najib said.
He added that both countries should identify areas where they could work together to create tangible benefits for the two nations.
He said the UAE was Malaysia's most important trading partner in the Gulf region, with trade in the 11 months last year touching RM24.8 billion, up 18 per cent than in 2011. – Emirates News Agency, WAM
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