Malaysia's economic future is seen to be brighter after Prime Minister Datuk Seri Anwar Ibrahim's recent visit to Egypt, which has opened up new opportunities in exports worth RM4.8 billion.
The visit strengthened trade relations between Malaysia and Egypt, especially in the automotive, petrochemical, pharmaceutical, medical device, and aerospace sectors.
A round table discussion between 60 Egyptian industry leaders and 40 Malaysian business representatives has prompted various interesting cooperation plans.
The main focus must be given to bumiputra automotive company PROTON which is building a local assembly plant in Egypt, with a sales target of 16,000 units between 2024 and 2026.
The visit also saw the renewal of the Malaysia-Egypt Joint Trade and Investment Committee (JTIC), focusing on semiconductors and digital transformation.
With the newly upgraded MATRADE Malaysia office in Cairo, Malaysian business is expected to grow rapidly in the North African market.
Tengku Zafrul, Malaysia's Minister of Investment, Trade and Industry, emphasized that these efforts will strengthen Malaysia's economy and are in line with the goals set in the New Industrial Master Plan (NIMP) 2030.
