The Prime Minister of Malaysia, Dato’ Sri Mohd. Najib Tun Abdul Razak, said that his country seeks to strengthen its relations with the Islamic Development Bank. He said he will look into establishing a special working team to find ways and means to bolster these relations for the benefit of Malaysia and IDB member countries.
He also emphasized the importance of the role that Malaysia can play in the area of economic and social development in member countries based on knowledge economy which underpinned Malaysia’s development achievements. He highlighted Malaysia’s unique position as a gateway to the large global economies in China, India and the Middle East.
The Malaysian Prime Minister, who is currently on a visit to the Kingdom, made these remarks during a meeting with Dr. Ahmad Mohamed Ali, the President of the IDB Group in Jeddah. In particular, he emphasized the importance of exchange of expertise and capacity building in order to enable member countries to convert to economies of scale and benefit from knowledge economy, as well as the need for empowering the private sector and developing economic infrastructures so that they may function in accordance with the best practices in economic and commercial fields.
The Prime Minister stressed the importance of attracting direct investments and urged member countries to take into consideration Malaysia’s example in this respect. He said that it is important to give added value to such investments by making the local investment environment conducive to investment and removing impediments that may hamper investment activities. He emphasized that Malaysia’s support to the IDB’s projects and programs will continue in pursuit of all these objectives.
The President of IDB lauded the distinguished relations between the Bank and Malaysia since the establishment of the Islamic Development Bank. He indicated some of the joint projects and programs which are being implemented in Malaysia.
The Prime Minister was briefed on the progress of the Bank from a single entity to an integrated group, and its contributions to economic and social development in member countries and Muslim communities in non-member countries. The presentation also reflected the advanced relations between the Bank and Malaysia, and the two parties’ keen desire to direct the import of these relations for the benefit of the IDB Group member countries. This orientation is embodied in the Memorandum of Understanding signed by the Bank and Malaysia in June, 2004 which specifies five major areas of cooperation.
Dr. Ahmad Mohamed Ali explained that the Bank’s approach is to develop from a financing institution into an institution of comprehensive development which spurs growth and harnesses resources for the development of member countries.
The President of the IDB also mentioned the Bank’s 1440H Vision, and Malaysia’s leading role in formulating this vision. He emphasized that cooperation and coordination will continue in all fields.