Egypt, Malaysia boost trade to $777mln in 2023

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Egypt and Malaysia achieved a total trade volume of $777m in 2023, Egyptian Minister of Trade and Industry Ahmed Samir announced on Tuesday during a meeting with Malaysian Minister of Agriculture and Commodities Datuk Johari Abdul Ghani.

During the meeting, both ministers explored avenues to deepen economic cooperation in trade, industry, and investment,while also addressing key regional and global issues.

Samir emphasized Egypt’s eagerness to collaborate with Malaysia across various sectors, particularly in industry and investment, leveraging Malaysia’s extensive industrial expertise and advanced technologies.

A key focus of the discussions was the potential establishment of a Malaysian palm oil storage and refining hub in the Suez Canal Economic Zone, aimed at re-exporting palm oil products to markets in the Middle East and Africa. Samir highlighted the significance of palm oil derivatives in the food industry, particularly in cheese production.

The ministers also discussed the resumption of direct flights between Egypt and Malaysia, which could bolster Malaysian tourism to Egypt and facilitate the export of Egyptian fresh produce to Malaysia.

Samir outlined Egypt’s attractive investment environment, citing its legislative framework, infrastructure, free trade agreements, and customs exemptions. He specifically noted Egypt’s current interest in the tyre industry, which could utilize Malaysian rubber to cater to both domestic and export markets.

Major commodities traded between the two countries include fresh oranges, natural calcium phosphate, strawberries, palm oil, natural rubber, and cocoa butter alternatives. Over 26 Malaysian companies currently operate in Egypt, including Petronas and EDRA in the energy sector.

Samir emphasized the positive performance of the Egyptian economy despite global challenges, attributing its stability in foreign trade and commodity provision to overcoming foreign currency constraints.

Abdul Ghani reciprocated Malaysia’s keenness to strengthen cooperation with Egypt, particularly in industry and trade, acknowledging the improved investment and business climate in Egypt. He also commended the significant urban development taking place in the country, particularly in the New Administrative Capital.

Abdul Ghani expressed the Malaysian ministry’s interest in utilizing the advantages offered by the Suez Canal Economic Zone for the proposed palm oil project, aiming to create a storage and refining centre for export to international markets from Egypt.