Egypt, Malaysia Discuss Free Trade Agreement to Boost Economic Coop

The Egyptian Minister Mohamed Maait held a bilateral meeting with Ahmed Maslan, Deputy Minister of Finance of Malaysia, on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group in the Kingdom of Saudi Arabia, under the title: “Establishing partnerships to prevent crises.”

During the meeting, the two sides discussed ways to enhance economic cooperation between the two countries, and discussed opportunities for concluding a free trade agreement to facilitate the movement of import and export and increase trade exchange between the two countries, and discussed revitalizing the work of the Egyptian-Malaysian Businessmen Association, and the Chamber of Commerce between the two countries.

The minister supported the necessity of doubling investments in the promising sectors of the two countries, most notably: the oil and gas sector, medical equipment, communications and information technology, as well as the localization of the electric vehicle industry, by granting distinct incentives to develop this sector and encouraging the transition to the use of clean, environmentally friendly energy.

On his part, the Malaysian Deputy Minister of Finance praised the Egyptian state's development in various economic activities, stressing his country's aspiration for joint cooperation in areas with a developmental dimension such as education, tourism, renewable energy and medical supplies.

He referred to the study of the exchange of commodities of interest to the two countries. "For example, Egypt could import palm oil in return for exporting pharmaceutical raw materials, in a way that contributes to providing the basic needs of goods for the two countries in light of the current crises."