The ministry said this export potential was largely generated through a roundtable meeting attended by 60 industry and business leaders from 47 Egyptian firms and key business associations, along with 40 representatives from 20 Malaysian companies.
“During the session, productive discussions between Malaysian and Egyptian companies identified export potential worth RM4.8 billion, particularly in high-value sectors such as automotive, chemicals, oleochemicals and renewable energy,” it said in a statement.
Egyptian companies also expressed interest in investment opportunities in Malaysia, particularly in medical devices and pharmaceuticals.
The official visit took place from Nov 10 to 12.
At a bilateral meeting during the visit, investment, trade and industry minister Tengku Zafrul Aziz and Egypt’s investment and international trade minister Hassan El Khatib agreed to reactivate the Malaysia-Egypt Joint Trade and Investment Committee (JTIC).
Malaysia will host the second JTIC meeting in early 2025, focussing on collaboration in the semiconductor sector, renewable energy, the halal industry and digital transformation.
The two ministers also agreed that Malaysia’s Investment Development Board and Egypt’s General Authority for Investment and Free Zones should sign a memorandum of understanding to enhance bilateral investments.
To support Malaysian exporters’ access to North African and Arab markets, the ministry noted that Malaysia’s trade office in Cairo, managed by the Malaysia External Trade Development Corporation, was upgraded in January, offering improved market access and export support services.
Meanwhile, national carmaker Proton has expanded into the Egyptian market with a local assembly plant.
Assembly activities began with the first delivery of Proton’s completely knocked down vehicles in September, and sales are expected to start next January, with a target of 16,000 units for the period 2024 to 2026.
Bilateral trade between Malaysia and Egypt from January to September rose 21.4% year-on-year to about RM3 billion, compared to RM2.4 billion in the same period last year. Egypt was Malaysia’s fifth-largest trading partner in Africa in 2023.