
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 Cuba’s Chamber of Commerce and its Centre for the Promotion of Foreign Trade and Investment (ProCuba).
Malaysia Trade Commissioner Ahmad Shanizam Ab Ghani said that Malaysia sees significant potential to strengthen economic ties between the two countries, particularly in expanding bilateral trade.
“While Malaysia recognises the challenges posed by the unilateral coercive measures imposed on Cuba, the ongoing trade between our two countries show 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, adding that both countries could further expand trade in palm oil, rubber products, healthcare and medical services.
Last year, total exports to Cuba from Malaysia jumped 115% to US$6.86 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.
Meanwhile, 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.
Additionally, Shanizam also mentioned 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.
“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.
It was also reported that Malaysia hopes to see increased engagement between ASEAN areas and Cuba as well as between the ASEA 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.
“At the same time, Cuba can also take advantage of Malaysia’s trading network to explore and expand trade and investment opportunities within ASEAN and the Asia Pacific region,” he added.
Source: https://sme.asia/cuba-exploring-trade-opportunities-via-collaboration-with-malaysia-matrade-miami/