KUALA LUMPUR, Oct 29 (NNN-BERNAMA) — Malaysian companies have been urged to capitalise on investment opportunities available in various industries in Egypt, which is currently embarking on economic reform plans and sizeable investment projects.
Malaysian Ambassador to Egypt Mohd Haniff Abd Rahman in making the call said the industries include gas, oil, construction, energy and renewable energy, automotive and food as well as small, medium and micro industries.
He welcomed the timely Export Acceleration Mission (EAM) successfully organised by the Malaysia External Trade Development Corporation (MATRADE) from Oct 21-25.
The mission aimed at promoting exports of Malaysian products and services and forging strategic business relationships between Malaysian companies and the business communities in Egypt, said MATRADE Trade Commissioner in Jeddah, Yusram Yusup, who headed the mission.
Yusram said during the mission, one-to-one pre-arranged business meetings were held, with support from various chambers and organisations in Egypt for Malaysian exporters to meet with Egyptian buyers.
“The Malaysian companies also explored investments and projects with high potential in Egypt, especially at the Suez Canal and new administrative town areas,” he said in a statement to Bernama here Tuesday.
Twelve Malaysian companies from various sectors, namely food and beverage, construction and construction-related products, renewable energy and chemical and chemical products, took part in the EAM.
MATRADE also took the opportunity to promote the Malaysia International Halal Showcase (MIHAS) 2020 to be held on April 1-4, 2020.
Malaysia’s trade with Egypt in 2018 amounted to US$545.9 million, down 10.9% from 2017, with exports at US$409.8 million and imports at US$136.1 million.
During the same period, our major exports to Egypt were palm oil and palm oil-based agriculture products, which accounted for 20.4 per cent of the total exports, machinery, equipment and parts (13.3 per cent), palm-oil based manufactured products (11.9 per cent), electrical and electronics products (7.0 per cent) and chemical and chemicals products (6.9 per cent).
Meanwhile, Malaysian imports from Egypt during the same year were dominated by other agriculture products, representing 30.8 per cent of Egypt’s exports to Malaysia, followed by petroleum products accounting for a further 27.1 per cent, the statement added.
–NNN-BERNAMA