14 INDUSTRY NEWS
Malaysia, Egypt See Greater Prospects for Palm Oil Market Expansion, Says Azmin Ali
International Trade and Industry Minister Datuk Seri Mohamed Azmin further said that the increase of Malaysia’s exports was largely due to heightened demand for Malaysian palm oil and palm-based agriculture products. — Picture by Miera Zulyana
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alaysia and Egypt see significant prospects for greater palm oil market expansion through joint-ventures with local Egyptian companies in technological transfer, expertise and capital, said Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali. He also called upon all business leaders and corporate captains, industry movers and shakers to seize the opportunities and further expand the Malaysia-Egypt bilateral trade and business collaboration to the next level. “Last year, Egypt remained our largest trading partner in the North Africa region and has been among Malaysia’s top six largest trading partners in Africa. “Bilateral trade increased by 84.4 per cent to nearly US$1 billion (US$1=RM4.20) compared to 2020,” he said in his opening remarks during the Networking Dinner on the occasion ASIA PALM OIL MAGAZINE | Apr-Jun 2022
of the working visit by Egypt’s Minister of Foreign Affairs Sameh Hassan Shoukry to Malaysia. Mohamed Azmin further said that the increase of Malaysia’s exports was largely due to heightened demand for Malaysian palm oil and palm-based agriculture products, while the increase in imports was due to increased demand for Egyptian fruits and petroleum products. Sameh Hassan is on a three-day inaugural visit to Malaysia starting to build on the prevailing robust ties between both countries, besides reflecting mutual resolve to elevate partnerships. As for investment in Egypt, Mohamed Azmin said Petroliam Nasional Bhd (Petronas) has invested more than US$9.0 billion since 2003, while Proton has made its mark with models such as Exora and the Saga variants on Egyptian roads.
