MALAYSIA, PALESTINE TO SIGN MOU TO BOOST TRADE, INVESTMENT COOPERATION -- MITI

KUALA LUMPUR, Sept 19 (Bernama) -- 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 yesterday, Hanafi said the MoU covers 14 areas, including trade facilitation, investment, SME development and the halal industry.

“It will help to 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 per cent to RM20.85 million versus RM13.7 million in 2022.

“Exports to Palestine surged by an impressive 96.2 per cent to RM13.47 million from RM6.87 million in 2022 while imports from Palestine grew by 7.9 per cent 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).

-- BERNAMA