Malaysia to reactivate business with Egypt

Egypt is Malaysia’s largest trading partner in North Africa with a total trade value of RM3.8b in 2021, says Saifuddin

by ANIS HAZIM / pic by BERNAMA

MALAYSIA will reactivate a business council with Egypt to strengthen the economic collaboration between the two countries.

Foreign Minister Datuk Seri Saifuddin Abdullah (picture; right) said both Malaysia and Egypt offer a lot of potential and attractive business and investment opportunities.

“We know that Egypt also offers many business potentials. These include the development of Egypt’s New Administrative Capital (New Cairo) and the Suez Canal Economic Zone,” Saifuddin told a press conference after hosting Egypt’s Foreign Minister Sameh Hassan Shoukry (left) on his inaugural visit yesterday.

Saifuddin said Malaysia will continue to encourage business communities and private sectors in both countries to explore all these opportunities.

“Perhaps, it is time that the Malaysia-Egypt Business Council be reactivated,” he said.

He added that Egypt is Malaysia’s largest trading partner in North Africa with a total trade value of RM3.8 billion in 2021, a substantial increase of 84.5% compared to the recorded value in 2020.

“In 2021, Malaysia’s palm oil export to Egypt was valued at RM1.58 billion, a substantial increase of 103% from RM777.9 million recorded in 2020,” he noted.

Additionally, the International Trade and Industry Ministry led by Senior Minister Datuk Seri Mohamed Azmin Ali is also scheduled to undertake a trade mission to Egypt soon.

Meanwhile, both foreign ministers have agreed to convene the Second Joint Commission Meeting later this year, which Malaysia will host.

“Both of us further agreed to work in exchange for high-level visits at the level of heads of state and government. These will be scheduled in a not-too-distant future,” said Saifuddin.

Touching on the Russia-Ukraine conflict, both opined that Malaysia and Egypt should have continuous efforts to find a political solution to this issue through peaceful dialogues and negotiations.

“At the same time, we agreed that there should be efforts to de-escalate and focus on humanitarian assistance.

“We share the view that unilateral sanctions can exacerbate tension and have far-reaching regional and global ramifications. Moreover, Malaysia and Egypt will also be providing humanitarian assistance to the people of Afghanistan.

“I believe Malaysia and Egypt can work together in this respect and also in the rehabilitation and reconstruction efforts in Afghanistan,” added Saifuddin.

Concurrently, Malaysia’s Global Peace Mission has set up its humanitarian centre in Kabul, Afghanistan and explored potential cooperation with Civil Society Organisations from other countries, including Egypt.