Kuala Lumpur: 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, expressed optimism about enhancing economic ties between the two countries, particularly in boosting bilateral trade.
According to BERNAMA News Agency, Ahmad Shanizam highlighted the potential for increased economic collaboration despite challenges posed by unilateral coercive measures on Cuba. He emphasized Malaysia’s readiness to explore new opportunities for cooperation with Cuba for mutual benefit.
He suggested that both countries could enhance trade in key sectors such as 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, plans to work closely with Cuba’s Ministry of Foreign Trade and Foreign Investment, its Chamber of Commerce, and the Centre for the Promotion of Foreign Trade and Investment (ProCuba).
This year marks the 50th anniversary of Malaysia-Cuba bilateral relations, with the Malaysian embassy in Cuba currently headed by Ambassador Muhammad Radzi Jamaludin. Recent data shows a significant rise in Malaysia’s exports to Cuba, increasing by 115% to US$6.85 million in 2024 from US$3.18 million in 2020. This growth is largely driven by Cuba’s increasing reliance on Malaysian products, particularly palm oil-based products and processed food and beverages.
The increase in processed food exports to Cuba is attributed to the rising demand for high-quality imported food products in Cuba and Malaysia’s ability to provide cost-effective, Halal-certified food solutions. Ahmad Shanizam noted that Malaysia is poised to expand exports of high-value goods such as processed halal food, pharmaceuticals, and medical equipment amidst Cuba’s ongoing economic reforms.
He further stated that technological collaboration in manufacturing and industrial development could present opportunities for Malaysian firms to invest in Cuba or establish joint ventures to produce goods locally. As the ASEAN chair this year, Malaysia hosted the ASEAN Foreign Ministers’ Retreat and marked the 5th anniversary of Cuba joining the ASEAN’s Treaty of Amity and Cooperation (TAC).
Under Malaysia’s ASEAN chairmanship, Ahmad Shanizam expressed hopes for increased engagement between ASEAN and Cuba, and strengthened ties between the ASEAN Committee in Havana, Cuba (ACHC), and Cuban entities. Both Malaysia and Cuba, recognized as BRICS partner countries, look forward to collaborating within BRICS to advance the Global South agenda.