KUALA LUMPUR – Malaysian Foreign Minister Datuk Seri Saifuddin Abdullah is urging the local business communities to look for development opportunities in Egypt.
The minister said that the Egypt’s New Administrative Capital (New Cairo) and the Suez Canal Economic Zone (SCZONE) projects offer many business potential for locals here to venture into.
“We in Malaysia know that Egypt offers many business potentials. We will continue to encourage business communities and private sectors in both countries to explore all these opportunities,” he told a joint press conference with his Egyptian counterpart Sameh Hassan Shoukry after holding a bilateral meeting here recently.
He also said that this may be the opportune time to reactivate the Malaysia-Egypt Business Council.
Egypt: potential for various sectors
Both the New Cairo and SCZONE mega projects are considered big landmarks for development of Egyptian economy.
New Cairo’s development would benefit Malaysian companies in various sectors like construction, renewable energy, smart cities, advanced technologies, and business parks.
The SCZONE will be a 461-square-kilometre area consisting of four industrial zones and six sea ports. The total investment amounts to US$18billion with 100,000 jobs created.
Meanwhile, Egypt’s Foreign Minister Sameh Hassan extends an invite to Malaysian businesses that would like to explore opportunities in his country.
Continuous cooperation with both countries
Aside from that, Saifuddin explained that education has always been integral for Malaysia-Egypt relations. This is because Malaysian students would choose Egypt for their tertiary education particularly in Islamic studies, medicine, and dentistry.
He then expressed his gratitude to the Egyptian government for offering scholarships for Malaysian students.
He also said that Malaysia’s Ministry of International Trade and Industry is also scheduled to undertake a trade mission to Egypt soon.
With the country being Malaysia’s largest trade partner in north Africa, last year saw a total trade value of RM3.8 billion. This was an increase of 84.5% compared to 2020.
Last year also showed Malaysia’s palm oil export to Egypt worth RM1.58 billion. 2020 recorded RM777.9 million, an increase of 103%
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