BUSINESS COUNCIL TO SET THE STAGE TO INCREASE TRADE BETWEEN M'SIA & EGYPT

KUALA LUMPUR, Aug 14 (Bernama) –- The Malaysia-Egypt Business Council
can set the stage to increase total trade between the two countries to US$2
billion by 2012. (US$1 = RM3.51).

Egypt is Malaysia’s second largest trading partner in the Middle East.

Total trade between the two countries last year was US$825 million, up from
US$562 million previously.

“There are a lot of potential sectors in Egypt such as services,
construction and banking,” said Amin Sabry Abdel Meguid, the Minister of
Plenipotentiary for Economic and Commercial Affairs at the Egyptian Embassy at
the inaugural meeting of the business council here Friday.

The council will also provide the platform towards greater integration
between Malaysia and Egypt, said Petronas vice-president (gas business) Wan
Zulkiflee Wan Ariffin.

“It will also enable business entities from both countries to pursue
commercially-viable opportunities,” he said.

Todate, Malaysian companies total investment in Egypt amounts to RM200
million while Egypt’s investment in Malaysia is only RM6 million.

-- BERNAMA