Qatar and Malaysia have agreed to look at the possibility of investing in Islamic countries, particularly in the growing food and halal products industry. The agreement was reached when the official delegations of the two countries held talks in Doha, a delegate said on Wednesday. Qatari Prime Minister Sheikh Hamad Bin Jassim Bin Jabor Al-Thani also expressed the need to enhance bilateral relations, especially related to investments through Islamic banking and financial services. The delegate said that both the countries saw the need to grow food in large scale in view of the recent spurt in prices in food grains. Malaysian Prime Minister Abdullah Ahmad Badawi, who led an official delegation on a two-day visit to Qatar, stressed the need for the two countries to have annual consultations to enhance investment, trade and cultural ties as well as to promote other areas of diplomacy. Malaysian Foreign Minister Dr Rais Yatim said that certain states in his country did have land for joint cultivation but “what we are encouraging is for the two countries to go, for example, to Indonesia, or to another (Muslim) country”. Badawi described the Malaysia-Qatari relations as “good”, with “the participation of Malaysian companies in Qatar especially in the development of infrastructure”. The volume of bilateral trade was small but, he hoped, this would increase. “I think we have every chance of doing that”. Badawi called for “working together to establish and operate common standards and common practices for all Islamic banks in the Muslim world and for any Muslim bank operating in non-Muslim countries. “I have also encouraged Qatar to make investments in our development corridors and Prime Minister Sheikh Hamad Bin Jassim has promised that he will certainly look into our proposals.” Badawi said the Malaysian economy was doing well despite the international economic crisis. “Our banking sector is strong and resilient.” In addition, he said, the country had taken several steps to strengthen domestic economy and to increase consumption. The prime minister said Malaysia offered investors a business environment that was quite unique. “Investors are offered a wide range of fiscal and other site incentives.”
