Malaysia and Palestine are reportedly ready to strengthen their economic and trade ties through a new memorandum of understanding (MoU).
According to Malaysia's Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, the MoU will focus on increasing trade and economic cooperation between the two countries.
This decision was supported by the Malaysian Cabinet, following the visit of the Palestinian Ambassador Walid Abu Ali.
Trade relations between Malaysia and Palestine show encouraging growth, with bilateral trade increasing by 52.1% in 2023, amounting to RM20.8 million compared to the previous year.
This upward trend is expected to continue under the new MoU, which will facilitate greater trade exchanges.
The main component of the MoU is the establishment of a joint Malaysia-Palestine business council, aimed at fostering closer ties between the business communities of the two countries.
This initiative reflects Malaysia's commitment to support Palestinian economic recovery and broader development goals.
Minister Zafrul emphasized that this effort is part of Malaysia's continued support for the Palestinian struggle and its dedication to finding a just and lasting solution to the Palestinian issue.
The MoU marks a step forward in strengthening economic ties and mutual cooperation between Malaysia and Palestine, laying the foundation for future cooperation that will benefit both countries.
