Minister of Agricultural Industries & Commodities in Malaysia: Establishing a factory to produce palm oil in Egypt
Ashraf AboArafe
Today, the Embassy of Malaysia in Cairo held a press conference and a meeting with business representatives on the sidelines of the visit of Malaysian Minister Zuraida Qamaruddin, Minister of Agricultural Industries and Malaysian Commodities to Egypt and her meeting with Egyptian officials and ministers, in the presence of Malaysian Ambassador to Egypt Zamani Ismail.
During the press conference, Qamar El-Din explained that the Malaysian Ministry of Agricultural Industries and Commodities is specialized in 6 main productive sectors, including palm oil, rubber, wood, paper, cocoa and textile fibers, noting that Egypt imports a number of these products from the Malaysian market, which are included in the fields of food industries. the tire industry, and the construction and infrastructure sectors.
She expressed her country’s aspiration to establish a factory for the production of palm oil derivatives in Egypt and to export to regional and continental markets, especially to the markets of African countries, especially since Egypt represents a major gateway to those markets, noting the importance of activating joint efforts to enhance trade and investment cooperation between the two countries, through the establishment of More Malaysian investment projects in the Egyptian market, which depend on Malaysian production inputs and export to international markets.
Qamar El-Din invited the Egyptian business community to participate in the activities of the International Agricultural Commodities Exhibition, which will be held in the Malaysian capital, Kuala Lumpur, from 26 to 28 next July. Enhancing the rates of trade exchange and joint investments between Egypt and Malaysia during the next stage.
Nevin Jameh, Minister of Trade and Industry, had held today an expanded session of talks with Zuraida Qamaruddin, Minister of Agricultural Industries and Malaysian Commodities and her accompanying delegation, which dealt with a review of aspects of industrial, investment and commercial cooperation between the two countries and a number of economic files of common interest. He participated in the meeting in time. Ismail, Malaysian Ambassador to Cairo, Ibrahim El Segeny, Assistant Minister for Economic Affairs, Hatem El Ashry, Advisor to the Minister for Institutional Communication, as well as representatives of the Timber, Rubber and Palm Oil Councils in Malaysia.
The minister said that the meeting dealt with ways to enhance joint cooperation between the two countries in the field of Malaysian palm oil production in Egypt and export to regional and continental markets, noting that the coming period will witness more coordination between the Egyptian Commercial Office in the Malaysian capital, Kuala Lumpur, and the Malaysian Palm Oil Council. To start the actual steps to establish Egyptian-Malaysian joint projects in the field of palm oil derivatives production, and to benefit from the distinguished investment potentials in the Egyptian market, as well as the great Malaysian expertise and capabilities in this field.
Gamea explained that the Egyptian market currently possesses all the elements that attract investment, which include the appropriate investment and legislative environment, the infrastructure necessary to establish projects, as well as the establishment of the economic zone of the Suez Canal, noting that Egypt is heading during the current stage to establish tire factories, which can be adopted On Malaysian rubber by importing it to the Egyptian market and manufacturing it in an Egyptian-Malaysian partnership, in order to meet the needs of the local market and export.
The minister pointed out that the meeting also dealt with ways to enhance cooperation between the two countries in the field of timber to meet the needs of the Egyptian industry of timber, especially that Egypt has a sophisticated furniture industry that matches international standards, and has great competitive advantages that qualify it to meet local needs and compete in foreign markets.
Jameh pointed out that the Malaysian business community can benefit from the advantages of investing in the Egyptian market, which includes free and preferential trade agreements concluded with a large number of countries and global economic blocs, especially the Mercosur and COMESA agreements and the African continental free trade, and to benefit from customs exemptions available within the framework of These agreements, by working to localize Malaysian industries in Egypt, export to foreign markets and benefit from the Egyptian market as a strong window for export to neighboring countries and international markets.
The minister noted that Egyptian exports to Malaysia amounted to about $126.7 million in 2021, compared to about $94 million in 2020, achieving an increase of 35%, noting that the most important items of exports include citrus, phosphates, chemical and mineral fertilizers and fruits.
Jameh added that Malaysian investments in Egypt amount to $60 million in 26 projects in the oil, gas, electricity, construction, contracting, trade, tourism and information technology sectors, pointing out that Egyptian investments in Malaysia amount to $20 million in the chemical and wood industries sector.
On the other hand, she emphasized
Zuraida Qamar El-Din, Malaysian Minister of Agricultural Industries and Commodities, expressed her country’s keenness to deepen bilateral cooperation frameworks with Egypt, especially at the investment, industrial and commercial levels, in light of the clear development in the investment and business climate in Egypt, as well as the major national projects that the Egyptian state is adopting during the current stage.
