Malaysia Embassy, MATRADE Miami Collaborate With Cuba To Expand Trade Opportunities

KUALA LUMPUR, Feb 24 (Bernama) -- The Malaysian Embassy in Havana, in collaboration with Malaysia External Trade Development Corporation (MATRADE) in Miami, aims to collaborate with Cuba’s Ministry of foreign trade and foreign investment (MINCEX) to expand trade and investment opportunities.

The Malaysian Embassy and MATRADE Miami will also work closely with the Cuba’s Chamber of Commerce as well as its Centre for the Promotion of Foreign Trade and Investment (ProCuba).

Miami-based Malaysia Trade Commissioner Ahmad Shanizam Ab Ghani said Malaysia sees significant potential to strengthen economic ties between the two countries, particularly in expanding bilateral trade

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“While Malaysia recognises the challenges posed by the unilateral coercive measures imposed on Cuba, the ongoing trade between our two countries shows that enhancing economic ties is still possible.

“Malaysia stands ready to explore more opportunities for establishing new areas of cooperation with Cuba for the mutual benefit of both countries,” he said in a statement today.

Additionally, he said both countries could further expand trade in palm oil, rubber products, healthcare, and medical services.

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This year marks the 50th anniversary of Malaysia-Cuba bilateral relations, and Malaysia’s embassy in Cuba is currently helmed by Ambassador Muhammad Radzi Jamaludin.

Last year, total exports to Cuba jumped 115 per cent to US$6.85 million from US$3.18 million in 2020, driven by Cuba’s increasing reliance on Malaysian products, especially in key industries like palm oil-based products, as well as processed food and beverages.

Malaysia exported US$2.54 million worth of palm oil products to Cuba in 2024 compared to US$1.35 million in 2020, while processed food exports to Cuba skyrocketed to US$2.53 million in 2024 from US$129,088 in 2020.

The surge in processed food exports to Cuba is primarily attributed to Cuba’s increasing demand for high-quality imported food products and Malaysia’s ability to offer cost-effective, Halal-certified food solutions.

Moving forward, Ahmad Shanizam said that given Cuba’s ongoing economic reforms and efforts to modernise its food and manufacturing industries, Malaysia is well-positioned to expand exports of high-value goods such as processed halal food, pharmaceuticals, and medical equipment.

“Furthermore, technological collaboration in manufacturing and industrial development could open doors for Malaysian firms to invest in Cuba or establish joint ventures to produce goods locally,” he said.

Malaysia assumed the role of ASEAN chair this year and hosted the ASEAN Foreign Ministers’ Retreat (AMM Retreat) in Langkawi, Kedah on Jan 18-19, 2025. Malaysia also welcomed the 5th Anniversary of Cuba acceding to the ASEAN’s Treaty of Amity and Cooperation.

He said under Malaysia’s chairmanship of ASEAN, Malaysia hopes to see increased engagement between ASEAN and Cuba, as well as between the ASEAN Committee in Havana, Cuba and the Cuban entities.

“Cuba could view Malaysia as the gateway to the ASEAN region, and its mutually beneficial cooperation with Malaysia could be expanded to other ASEAN countries through knowledge sharing.

“Cuba can take advantage of Malaysia’s trading network to explore and expand trade and investment opportunities within ASEAN and the Asia Pacific region,” he added. 

With both Malaysia and Cuba being accepted as BRICS partner countries, he said the country is looking forward to working together with Cuba in advancing the Global South agenda within BRICS.

-- BERNAMA