KUALA LUMPUR, Oct 21 -- The Malaysia External Trade Development Corporation (MATRADE) is organising an Export Acceleration Mission (EAM) to Egypt, Malaysia’s third-largest trading destination in Africa, starting today until Oct 25, 2019.
In a statement, it said the inaugural mission was aimed at capitalising on Egypt’s robust economic growth driven by the country’s reformed policies due to the support from the International Monetary Fund’s Extended Fund Facility (EFF) since 2016.
This has led to the expansion of various sectors particularly gas extractives, tourism, manufacturing, construction, and information and communications and technology (ICT).
Some 13 Malaysian companies from various sectors such as construction and construction-related products and machinery, renewable energy, food and beverages, and chemicals and chemical products are taking part in the EAM.
MATRADE Middle East, West Asia, South Asia, and Africa section director Mansor Shah Wahid said Egypt offered enormous export opportunities for Malaysian companies particularly in its comprehensive new mega projects such as Suez Canal Area Development and the new administrative city.
“The EAM is timely and we have been receiving a lot of feedback from the Egyptian buyers who have expressed interest in Malaysian products and services. There will be a series of business meetings for Malaysian companies with selected partners and buyers in Cairo.
"We will also be briefing the industry players there about Malaysia’s capabilities in various sectors and areas of collaboration they can explore with Malaysia,” he said.
For the January to August 2019 period, despite the global economic slowdown, Malaysia’s export to Egypt registered a double-digit growth of 15.8 per cent with a total value of RM1.3 billion.
Malaysia’s exports to Egypt are mainly palm oil and palm oil-based agriculture products, palm-oil based manufactured products, machinery, equipment and parts, electrical and electronic products, as well as chemicals and chemical products.
“We hope the EAM can diversify the demand for Malaysian exports among the Egyptian buyers. We are optimistic that all the initiatives taking place during the EAM will boost their awareness on Malaysia and this will later translate into export business,” Mansor added.