- The Malaysian Minister of Plantation Industries and Commodities (MPIC) Zuraida Kamaruddin, has expressed her country’s keenness to set up a manufacturing facility to produce palm oil derivatives in Egypt with an eye to export it to regional and continental markets.
The Malaysian Minister of Plantation Industries and Commodities (MPIC) Zuraida Kamaruddin, has expressed her country’s keenness to set up a manufacturing facility to produce palm oil derivatives in Egypt with an eye to export it to regional and continental markets. The proposal was raised during the recent visit of the Minister and an accompanying delegation, to Cairo recently to review the trends in industrial, investment and commercial cooperation between the two countries. The Minister of trade and Industry of Egypt, Nevine Gamea led the discussions from the Egyptian side.
The meeting explored ways to expand bilateral cooperation in the field of Malaysian palm oil production in Egypt and export to regional and continental markets. It was agreed that the Egyptian Commercial Office in Kuala Lumpur, and the Malaysian Palm Oil Council will work jointly to establish joint Egyptian-Malaysian projects in the field of palm oil derivatives production. The Minister Gamea stated that Egypt and Malaysia could also collaborate in Tyre manufacturing in Egypt to cater to the local as well as the regional demand. Another sector that was identified for two way cooperation was in the field of timber to meet the needs of the Egypt’s sophisticated furniture industry
According to official statistics, Egypt’s exports to Malaysia recorded 35 percent during 2021, hitting $126.7 million, against $94 million in 2020.The major Egyptian exports to Malaysia included citrus, phosphates, chemical and mineral fertilizers and fruits. The Malaysian investments in Egypt amounted to $60 million in 26 projects in the oil, gas, electricity, construction, contracting, trade, tourism and information technology sectors, while Egyptian investments in Malaysia was around $20 million mainly in the chemical and wood industries sector.
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