Malaysia, Palestine to boost bilateral cooperation in sectors including trade and investment — MITI

Malaysia, Palestine to boost bilateral cooperation in sectors including trade and investment — MITI

19 Sep 2024

Deputy Investment, Trade and Industry secretary-general (Industry) Datuk Hanafi Sakri said Malaysia and Palestine will sign a memorandum of understanding (MOU) to boost bilateral cooperation in several sectors.

Speaking at the Palestinian-Malaysian business networking dinner on Wednesday (Sept 18), Hanafi said the MOU covers 14 areas, including trade facilitation, investment, small and medium-sized enterprise (SME) development and the halal industry.

“It will help establish mechanisms to facilitate smoother trade flows and promote joint ventures, providing a clear framework to deepen economic ties,” he said. 

He said Malaysia’s total trade with Palestine in 2023 grew by 52.1% to RM20.85 million, versus RM13.7 million in 2022.

“Exports to Palestine surged by an impressive 96.2% to RM13.47 million, from RM6.87 million in 2022, while imports from Palestine grew by 7.9% to RM7.38 million, from RM6.84 million in 2022.

“This MOU will serve as a catalyst to enhance trade and investment, creating opportunities for large corporations and SMEs — the backbone of both economies,” he said. 

By leveraging Malaysia’s position as a gateway to Asean, along with its Asean chairmanship next year, new markets can be unlocked, stimulating trade and investment, and driving innovation across various industries, he said.

“Malaysia is committed to supporting Palestinian efforts and looks forward to seeing Palestinian companies excel in the region,” he said.

 Palestinian Ambassador to Malaysia Walid Abu Ali and Palestine Trade Centre (PalTrade) chief executive officer Ruwa Jabr attended the dinner organised by the Palestinian Embassy, in collaboration with the Malaysia External Trade Development Corporation (Matrade).

Source: Bernama