Ahram Online: What are the key areas of economic cooperation between Egypt and Malaysia, and how do you see these relations evolving in the future?
Ambassador Kareem El Sadat: Trade between the two nations is solid and growing, and it's now approaching one billion dollars. The key to developing economic cooperation between the two countries is diversification and more investments.
Egypt is an important supplier of fresh fruits to Malaysia, and ranks as the 6th biggest exporter to Malaysia, notably Oranges, Strawberries, Grapes, and Pomegranates. Last year, we got approval from the Ministry of Agriculture of Malaysia to export Fresh Egyptian Mangos. On the other hand, Egypt ranks as one of the top ten importers of Malaysian palm oil, which is a strategic commodity and is essential in many food industries.
Also Egypt hosts the investments of three important companies from Malaysia, Petronas the Oil and Gas giant, Edra Powers Holdings a very strong and large energy conglomerate, both over than 20 years investing and operating in Egypt while contributing significantly to the Energy sector in Egypt, and most recently, Proton the Malaysian pride for automative Industry which started producing its first entire CDK left wheel car in Egypt last year.
We are looking forward to seeing more promising products such as pharmaceuticals, food products, and construction materials.
It is worth mentioning that Egypt and Malaysia are both members of the Organisation of Islamic Cooperation and the D-8 Organization for Economic Cooperation where we collaborate with the Malaysian side on the development of economic cooperation among member countries.
AO: How can Malaysia and Egypt increase bilateral trade, and what steps are being taken to facilitate trade exchange?
KS: One of the best options to increase trade is to participate in trade exhibitions, as they bring together sellers and buyers in one place to demonstrate, explore and negotiate. Trade missions are also important to meet with trading partners and potential clients face-to-face, either sectoral and collective trade missions or individual company visits.
On the government level, we do everything possible to facilitate business between the two countries, either trade or investment. We also hold business events, as we did recently, the Arab Malaysian Trade Dialogue event in cooperation with the Arab Malaysian Chamber of Commerce, not only to give an updated picture of economic reforms and investment opportunities in Egypt, but also to interact with the Malaysian business community and give replies to their concerns and questions about the Egyptian business ecosystem.
We intend to hold such events regularly in Kuala Lumpur, and in the future in other major cities in Malaysia.
AO: How do you view the importance of the MIHAS showcase and its outcomes to economic and trade relations with Egypt?
KS: The importance of MIHAS stems from two main factors. First, the size of the global halal industry, which is worth between $2.5 to and $3 trillion, and projected to increase. The halal economy encompasses food, pharmaceuticals, cosmetics, services, and Finance. The driving force behind the expected growth of the halal market is the Muslim population, which comprises nearly 2 billion people, representing approximately 25 percent of the world's population.
Second, MIHAS is the world's largest halal event in terms of exhibitors, visitors, and volume of business deals. MIHAS has a broad spectrum of sectors and products representing Malaysian and International players.
MIHAS has been held annually in Malaysia since 2004.
Last year, they introduced a global version of MIHAS to be held annually in different countries representing different regions. They started in Dubai last year, and later this year will be held in Shanghai, and next year in Paris.
We think that if MIHAS could organize its international version in Egypt, it will be a great addition to both sides. Egypt gives access to a huge population of Muslim Markets in the Middle East, Africa and Muslim Communities in Europe as well. For Egypt, it will help us deepen the concept and coverage of the halal economy.
WE have a single Egyptian company participating this year, but we are also looking forward to seeing broader participation from Egypt next year, which can reflect the leadership of Egypt in the halal economy.
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