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Malaysian businessmen urged to explore opportunities in Egypt’s new Cairo, Suez Canal EZ
Malaysian Foreign Minister Datuk Seri Saifuddin Abdullah when making the call said Egypt offers much business potential. — Bernama pic
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KUALA LUMPUR, March 15 —The Malaysian business community have been urged to take advantage of the opportunities in the development of Egypt’s New Administrative Capital (New Cairo) and the Suez Canal Economic Zone (SCZONE) projects.
Malaysian Foreign Minister Datuk Seri Saifuddin Abdullah when making the call said the North African country offers many business potential, adding that it is perhaps timely to reactivate the Malaysia-Egypt Business Council.
“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, today.
Egypt considers the two mega projects as among the great landmarks in the development of the Egyptian economy in modern history.
The the development of New Cairo is said to hold big potential for the Malaysian companies in sectors such as construction, advanced technologies, business parks, smart cities and renewable energy.
As for the SCZONE, it offers a huge and promising investment destination with a total area of 461 square km, including four industrial zones and six sea ports, with total investments of around US$18 billion, which created around 100,000 jobs.
Meanwhile, Sameh Hassan, who is in three-day inaugural visit to Malaysia starting Monday extended an invite to Malaysian business community to explore potentials and take advantage in the country’s two mega projects.
Saifuddin also said education has always been an integral component of Malaysia-Egypt relations, where Egypt continues to be a popular destination for Malaysian students pursuing their tertiary education, especially in Islamic studies, medicine and dentistry.
He also thanked the Egyptian government for offering 60 scholarships for Malaysian students, where the Ministry of Higher Education will follow up to optimise the uptake of this offer.
The foreign minister said Malaysia’s Ministry of International Trade and Industry is also scheduled to undertake a trade mission to Egypt soon.
Egypt is Malaysia’s largest trading partner in north Africa. In 2021, the total trade was valued at RM3.8 billion (US$904.1 million), a substantial increase of 84.5 per cent, compared to the recorded value in 2020.
In 2021, Malaysia’s palm oil export to Egypt was valued RM1.58 billion, a substantial increase of 103 per cent from RM777.9 million recorded in 2020. — Bernama