M’sia-Qatar agree on RM6 billion investment fund

(Bernama) – PUTRAJAYA: Malaysia and Qatar today agreed to work together to set up a RM6.3 billion Malaysia-Qatar fund, Prime Minister Najib Tun Razak said.

He said both countries agreed that the fund would help increase bilateral cooperation and investment.

“We both agreed that each country would set aside US$1 billion to begin with and look for investment opportunities in Malaysia, Qatar and also within the whole region,” he said at a joint press conference with Qatari Prime Minister Sheikh Hamad Jassim Jabr Al Thani here today.

Sheikh Hamad is on a three-day working visit to Malaysia, starting today.

Najib said both countries would be working out the details on the fund, including other general areas.

He also said both countries were confident the volume of total trade and the range of products sold would be further increased.

“Total trade between Malaysia and Qatar increased by almost 200 percent reaching RM3.3 billion for the first nine months of this year,” he said.

Najib said Sheikh Hamad has responded positively to a request made by Petronas to buy natural gas from Qatar.

On when Malaysia would buy gas from Qatar, he said, the country was looking at Petronas’ requirement and would disclose details later.

“As you know, we are in the midst of building the offshore gas terminal that will be ready in July next year. So, once the terminal is ready, there will be a requirement for more import of natural gas,” he said.

Najib said they also discussed the involvement of Qataris in the development of Sungai Besi land, where the masterplan was being work out by 1Malaysia Development Bhd (1MDB).

He said investment opportunities in the Iskandar region in Johor was also discussed.

– Bernama