Malaysia and Egypt have significant opportunities to help each other access their respective markets, said Malaysian Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz.
He said Malaysia serves as a gateway to the dynamic Asean economy, and Egypt as an entry point to the Middle Eastern and African markets.
Zafrul highlighted these opportunities following a meeting with senior management from over 60 leading Egyptian companies and 20 Malaysian companies on Sunday.
He noted that Prime Minister Datuk Seri Anwar Ibrahim emphasised the substantial opportunities not only in the Malaysian market, but also in the expanding Asean market.
“With Malaysia set to assume the Asean chairmanship in 2025, Egypt has the chance to enhance its engagement with the Asean region through close collaboration with Malaysia,” he said in a post on X on Monday (Nov 11).
Zafrul pointed out that sectors such as palm oil, pharmaceuticals, medical devices, energy, food security, infrastructure, and technology have been identified as strategic areas for Egyptian companies to explore.
He also said that through Malaysia’s network of 16 Free Trade Agreements (FTAs), including with Asean, the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Egyptian investors have the opportunity to enjoy wider access and attractive incentives to international markets beyond the regional borders, including countries like Japan, Australia, Canada, and Latin America.
“With strong support from Miti (the Ministry of Investment, Trade and Industry) and Malaysia’s investor-friendly ecosystem, Egypt is now in an excellent position to leverage this platform, to strengthen its presence in this fast-growing region,” he said.
He further emphasised that the Malaysia-Egypt partnership holds great potential for exploring new opportunities within Asean, and expanding more strategic economic engagement.
Zafrul is currently in Egypt as part of the official four-day visit by Prime Minister Datuk Seri Anwar Ibrahim, at the invitation of Egyptian President Abdel Fattah El-Sisi.
Egypt is Malaysia’s fifth-largest trading partner in Africa, with trade value reaching RM3.35 billion in 2023.
Source: The Edge Malaysia
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
