CAIRO - 12 November 2024: Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, announced that trade between Egypt and Malaysia has seen a significant 55 percent increase, with Egyptian exports to Malaysia growing by 35 percent.
Key exports include phosphate, fertilizers, agricultural goods, and iron, reflecting the strong and expanding trade relationship between the two nations. Egypt now stands as Malaysia’s fifth-largest trading partner in Africa.
Al-Wazir's remarks were made at the inauguration ceremony of the new Proton Saga car factory by the Ezz El-Arab Group, an event that coincided with Malaysian Prime Minister Anwar Ibrahim’s official visit to Egypt.
During this visit, Prime Minister Ibrahim met with President Abdel Fattah El-Sisi, and the two leaders discussed deepening bilateral political and economic ties.
Malaysia committed to hosting the second meeting of the Egypt-Malaysia Joint Committee soon, focusing on advancing mutual interests in digital economy, agricultural trade, infrastructure, and renewable energy sectors.
Both countries also emphasized the role of ASEAN and COMESA trade agreements in benefiting their economies.
Al-Wazir shared that the Egyptian-Malaysian partnership has entered a new phase, with a focus on the automotive industry, aligning with Egypt’s strategy to enhance local production.
The Ezz El-Arab Group’s factory is set to produce 40,000 vehicles annually, with plans to double production to 80,000 vehicles, incorporating 48% locally sourced components.
This investment, projected at 3 billion EGP, aims to export 10% of its output in the first year and create approximately 300 new jobs, further contributing to Egypt’s industrial development and economic growth.
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