Malaysia Committed To Explore New Ways To Boost Trade, investment With Cuba

KUALA LUMPUR, March 1 (Bernama) -- Malaysia remains committed and welcomes new suggestions on ways to fully realise the trade and investment potential between Malaysia and Cuba.

Miami-based Malaysia’s Trade Commissioner, Ahmad Shanizam Ab Ghani said Malaysia is of the view that there is much potential to increase economic ties between both countries, particularly in boosting total bilateral trade.

“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.

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“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 also increase trade in palm oil and rubber products, as well as healthcare and medicinal services.

The Malaysian Embassy in Havana, in collaboration with Malaysia External Trade Development Corporation (MATRADE) in Miami, is looking forward to working closely with Cuba’s Ministry of Foreign Trade and Foreign Investment, its Chamber of Commerce as well as the Centre for the Promotion of Foreign Trade and Investment (ProCuba) to explore further on the trade and investment potential between Malaysia and Cuba.

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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.

Total exports to Cuba jumped 115 per cent to US$6.85 million in 2024 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 surged to US$2.53 million in 2024 from US$129,088 in 2020.

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

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 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 (TAC).

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

With both Malaysia and Cuba having been 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