The meeting discussed expanding industrial,
commercial and investment cooperation between the two countries as well as other
economic issues of common interest.
Cairo- Apr 17, 2022
Minister of Trade and Industry Nevine
Gamea has met with Malaysian Minister of Plantation Industries and Commodities Zuraida
Kamaruddin and her accompanying delegation, where they explored means of expanding
bilateral cooperation, among other economic issues of common interest.
Zamani bin Ismail, the Malaysian
ambassador in Cairo, participated in the meeting, along with representatives of
the timber, rubber and palm oil councils in the Southeast Asian country.
The meeting discussed further cooperation
in palm oil production in Egypt as well as in wood manufacturing to meet the
needs of Egyptian industries, especially that Egypt possesses an advanced
furniture industry.
“The Egyptian market boasts all investment-conducive
elements: business-friendly legislations, reliable infrastructure and the Suez
Canal Economic Zone,” Gamea said, noting that the country will set up tire
factories that can benefit from Malaysian rubber.
Kamaruddin, for her part, expressed
her country's aspiration to establish a factory for the production of palm oil
derivatives in Egypt and export to regional and global markets, in particular
to those in Africa, Egypt being its main gateway.
She also invited the Egyptian
business community to participate in Malaysia International Agricommodity Expo
and Summit (MIACES), to be held in the capital Kuala Lumpur on July 26-28.
According to official figures, Egypt’s
exports to Malaysia amounted to $126.7 million in 2021, up 35% from $94 million
a year earlier, including: citrus fruits, phosphates, and chemical and mineral
fertilizers.
Malaysian investments in Egypt stand
at $60 million in 26 projects in the sectors of oil, gas, electricity,
construction, trade, tourism and IT; while Egyptian investments in Malaysia
amount to $20 million in chemical and wood industries.