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Govt woos investors from Egypt, Qatar for rubber sector – Zuraida

Govt woos investors from Egypt, Qatar for rubber sector – Zuraida

22 Apr 2022

The Ministry of Plantation Industries and Commodities is committed to encouraging participation from companies, as well as investors from Egypt and Qatar to take advantage of the Kedah Rubber City facilities and tap the potential markets in ASEAN.

This is following a recent ministerial mission to Egypt and Qatar led by Minister Datuk Zuraida Kamaruddin to identify potential markets and partnership opportunities for the rubber sector in the Middle East and ASEAN.

“Companies and investors from these two regions could explore the possibility of forming a partnership with Malaysian companies in the rubber sector, such as in rubber products manufacturing.

“For example, Qatar could explore the possibility of forming a partnership, particularly in tyre manufacturing as Malaysia is currently importing tyres worth more than RM2 billion (US$830 million), hence, the government is very much supporting tyre manufacturing,” she said in a statement today.

Zuraida said investors could leverage Malaysia’s position as one of the world’s main exporters of rubber products and the free-trade agreement between Malaysia and other ASEAN countries (AFTA) where most rubber products have zero import tariff.

In 2021, Malaysia exported rubber products worth US$15.9 million to Qatar, reflecting a compounded annual growth rate (CAGR) of 110 per cent from 2019 to 2021.

Rubber gloves were the main products exported to Qatar from Malaysia with 70 per cent market share and export value of US$14.4 million, while other rubber products exported included hoses, seals, dock fenders, and footwear.

Source: Bernama