KUALA LUMPUR , Jan 12 (Bernama) -- There are huge opportunities for Malaysian companies to tap into infrastructure projects in Egypt.

Egypt 's Trade and Industry Minister Rachid Mohamed Rachid said the government will spend more than US$20 billion over the next five years, on infrastructure projects such as ports, airports and transportation.

"We are very optimistic about cooperation in the area of infrastructure. We are confident that Malaysian companies can benefit by being part of the business," he told reporters after delivering a keynote address at the inaugural of Malaysia-Egypt Joint Business Council Meeting here Tuesday.

Rachid and his delegation were on an official visit to Malaysia from Jan 9-12.

The visit is also a follow-up to International Trade and Industry Minister Datuk Seri Mustapa Mohamed's trade and investment mission to Cairo , last October.

For the January to November 2009 period, the Malaysia-Egypt total trade stood at US$790.9 million.

During the period, Malaysian exports to Egypt increased by 27.1 per cent to US$757.3 million from the US$635.3 million recorded in the same period of 2008.

Imports from Egypt however, decreased by 66.6 per cent to US$33.6 million from the US$107.4 million previously.

Meanwhile, Mustapa said it is important for the Malaysian and Egyptian business communities to take advantage of opportunities arising from each other's participation in regional trade arrangements.

He said Malaysian companies should consider investing in Egypt as a gateway to West Asia and Africa .

Similarly, the Egyptian business community should use Malaysia as a gateway to market their products in the Southeast Asia region, he said.

Asked as to whether Malaysia will have a free trade agreement with Egypt , Mustapa said there was no formal proposal on the matter at the moment.

-- BERNAMA