Malaysian Investment Mission in Egypt

MALAYSIAN MISSION DISCUSSES INVESTMENT IN EGYPT

Malaysian investments in Egypt were discussed when the Minister of Investment of Egypt, Dr. Mahmoud Mohieldin met members of the Malaysian mission currently on visit to Egypt from 16 - 19 November 2008.

The missions includes the Senior Officials of the Malaysian Investment Development Authority (MIDA) and directors of six giant Malaysian companies of automotives, group transport buses, construction and building, petroleum and gas, plastic industries, industrial development, pharmaceuticals and food stuff.

The meeting was attended by the Malaysian Ambassador to Egypt, HE Datuk Zainal Abidin Ab Kadir and the Counsellor at Malaysian Embassy in Egypt, Mr. Mohd. Puzi Hj. Dahman as well as senior officials of investment and industry from the Egyptian side.

The meeting discussed results of visits and meetings by the Malaysian delegation with Egyptian public and private business gatherings. The delegation paid field visits to some industrial zones and public and private plants including the Special Economic Zone (SEZone) in Sokhna Port and a seminar organized by the General Authority for Investment and Free Zones (GAFI) to introduce the investment opportunities in Egypt.

The Malaysian Ambassador extended his thanks to the Minister of Investment for hosting the Malaysian mission and the effective program designed for the Malaysian delegation, which comes as a practical translation of the Minister’s visit to Malaysian last August.

The Minister listened to some suggestions provided by the Malaysian side to enhance the investment relations between the two countries. It was agreed to have more sectoral missions to come.

Dr. Mohieldin asked to form specialized working groups to study suggestions of the Malaysian side and follow up the Minister’s visit to Malaysia. An intensive program will be designed to effectuate the memorandum of understanding signed between the two countries last August to increase investment cooperation, transfer experiences and exchange information between Egypt and Malaysia.

Following the meeting, Dr. Mohieldin stated that the current visit by the Malaysian companies resulted to a host of initial agreements on investment cooperation in the field of group transport, construction and building services and petroleum and gas-related engineering industries.

Dr. Mohieldin added that the more Malaysian missions will be invited to come, including companies representing sectors of infrastructure, logistics, engineering industries, automotives, technology, electronic industries, petroleum and energy in coordination with the investment related entities in both countries. The overall goal is to attract more investments into the country.

The Minister of Investment noted that during the coming week a specialized mission from PROTON, the Malaysian automotive company. The mission will study opportunities for changing the company’s activity in the Egyptian market from automotives industry to industrial investments.