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IDA Vice-Chairman, Eng. Ashraf Dowidar, signed a Memorandum of Understanding (MoU) with MIDA (Malaysian Industrial Development Authority) Vice-Chairman. The MoU aims at encouraging the establishment of industrial projects in both countries to utilize the available opportunities in order to develop investment and create partnerships. This came within the framework of Business & Investment Opportunities Conference held in Malaysia. The conference was attended by the Minister of Investment, Dr. Mahmoud Mohei El-Din and a large number of both Egyptian & Malaysian businessmen & investors.
The MoU stipulated to exchange the Egyptian & Malaysian experiences with regard to attracting investment & facilitating procedures, in addition to the cooperation in organizing training courses for IDA’s & GAFI’s employers besides preparing for holding a mutual conferences , delegations & meetings .
Dr. Mohie El-Din displayed the economic & trade reforms are made during the last 4 years in Egypt, especially in advancing the tax & customs system & improving the investment climate & opportunities. The minister is expecting that a distinct development in the Egyptian-Malaysian trade relations will take place within the coming period, besides activating the Common Business Council to benefit from the trade & investment opportunities & encourage the private sector in both countries to benefit from the available advantages in the open markets, whether in Egypt or Malaysia, and finally to create partnerships between the Egyptian & Malaysian companies.
It was also mentioned that Egypt achieved a huge economic growth during the previous period & headed the African countries in attracting the foreign investments, especially the Malaysian investments in Egypt at the rate of 45% within the last 3 years.
The Minister also displayed the fields of investment in Egypt, especially in infrastructure, financial services, logistic projects in naval transportation & ports, information technology, education & health.
From his side, the Malaysian Minister of Trade & Industry, Mohie El-Din Yasin pointed out that Egypt is considered one of the most important trade & investment partner for Malaysia, and referred to the existing investment opportunities in Egypt clarifying that most of the current Malaysian investments in Egypt is directed to the sector of petroleum, gas, palm oil, in addition to the education sector.
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