CAIRO - 12 November 2024: Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, announced a remarkable 55% increase in trade between Egypt and Malaysia, with Egyptian exports to Malaysia rising by 35%.
Key exports include phosphate, fertilizers, agricultural products, and iron, underscoring the growing and robust trade relationship between the two nations. Egypt is now Malaysia's fifth-largest trading partner in Africa.
Al-Wazir made these remarks during the inauguration of the new Proton Saga car factory by the Ezz El-Arab Group, which coincided with the official visit of Malaysian Prime Minister Anwar Ibrahim to Egypt.
During the visit, Prime Minister Ibrahim met with President Abdel Fattah El-Sisi to discuss strengthening bilateral political and economic ties. Malaysia also committed to hosting the second meeting of the Egypt-Malaysia Joint Committee in the near future, with a focus on expanding collaboration in the digital economy, agricultural trade, infrastructure, and renewable energy sectors.
Both countries highlighted the importance of the ASEAN and COMESA trade agreements in promoting economic growth and mutual benefits.
Al-Wazir noted that the Egyptian-Malaysian partnership is entering a new phase, particularly in the automotive industry, aligning with Egypt’s strategy to boost local manufacturing.
The Ezz El-Arab Group's new factory is expected to produce 40,000 vehicles annually, with plans to expand production to 80,000 vehicles, incorporating 48% locally sourced components. This investment, valued at 3 billion EGP, aims to export 10% of its production in the first year and create around 300 new jobs, further supporting Egypt’s industrial development and economic growth.