Egyptian Finance Minister Dr. Mohamed Maait held a bilateral meeting with Ahmad Maslan, Deputy Minister of Finance of Malaysia, on the sidelines of the annual meetings of the Islamic Development Bank Group in Saudi Arabia, under the theme "Establishing Partnerships to Avert Crises."

During the meeting, the two sides discussed ways to enhance economic cooperation between the two countries and the serious efforts to double joint efforts and exchange constructive and diverse experiences between the two governments.

They also explored the opportunities to conclude a free trade agreement to facilitate the movement of imports and exports and increase trade between the two countries in the near future.

Minister Maait emphasized the longstanding historical relations between the two countries, confirming that we look forward to holding a joint agreement between the two finance ministries to discuss public financial affairs, exchange experiences periodically, discuss economic conditions, and study the double taxation agreement between the two countries and update it to better reflect best practices and developments on the global scene.

The minister supported the necessity of doubling investments in promising sectors in both countries, notably the petroleum and gas sector, medical equipment, telecommunications, and information technology, as well as localizing the electric car industry by granting special incentives to develop this sector and encourage the shift towards using clean, environmentally-friendly energy.

Deputy Finance Minister Maslan praised Egypt's development efforts in various economic activities, confirming his country's desire to cooperate in areas of development such as education, tourism, renewable energy, and medical supplies.

He also referred to the study of exchanging goods that are of interest to the two countries, for example, Egypt imports palm oil in exchange for exporting pharmaceutical raw materials, which contributes to meeting the basic needs of goods for both countries in light of the current crises.

This meeting underscores the strength and depth of the bilateral relationship between Egypt and Malaysia, and highlights the continued efforts to strengthen economic cooperation and increase trade between the two countries.