What is the story of the cooperation between Egypt and Malaysia in the automobile industry, and how this cooperation began, and has it actually been translated into projects and products on the ground? We will tell you all the details in this video, so follow us until the end.
In the last hours, Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, participated in the celebration of the Ezz Al-Arab Al-Sewedy Automotive Group, with the opening of the Proton Saga car factory.
This was in the presence of Anwar Ibrahim, Prime Minister of Malaysia, the Ministers of Foreign Affairs, Trade and Natural Resources of Malaysia, and Engineer Hisham Ezz Al-Arab, Chairman of the Board of Directors of Ezz Al-Arab Al-Suwaidi Group.
The Minister spoke about the relationship between Egypt and Malaysia and the future of economic relations between them. He stressed that the relations between the two countries are very close at all levels, and Egypt is considered the fifth largest African trade partner for Malaysia. The volume of trade exchange between the two countries has also achieved significant growth in recent years by 55%. It has also achieved Egyptian exports to Malaysia grew by 35%.
The most important exports it provides to Malaysia are phosphate, fertilizers, agricultural crops, and iron, but Malaysian investments in Egypt are concentrated in the sectors of oil, gas, electricity, contracting, tourism, and information technology.
I mean, we can say that there are many efforts to deepen joint cooperation in the fields of the digital economy, agricultural commodities, infrastructure development, and renewable energy, and also in the free trade agreements of the Association of Southeast Asian Nations, which is “ASEAN,” and the Common Market for Eastern and Southern Africa, “COMESA,” which is being achieved. Benefit for both countries.
Also, Egyptian-Malaysian cooperation has taken a new form in this period, especially in the strategic industry, such as the automobile industry, which represents an important step within the framework of the national strategy to localize the industry because, of course, after its implementation, feeding industries will be established on a global level.
We can also say that the establishment of the Ezz Al Arab Swedish factory, which aims to achieve an annual production capacity of 40 thousand cars, and may reach 80 thousand cars at a later stage, will have a local component of 48%, and the volume of investments is expected to be about 3 billion pounds, and also The percentage of exports reaches 10% in the first year, and will increase in the coming years. All this is in addition to the fact that the factory will provide job opportunities for up to 300 jobs.
For this reason, the automobile industry in Egypt aims to reach the economies of mass production and qualify to establish a real automobile industry instead of just assembling them. All of this contributes to pumping more local and foreign investments, and transforming Egypt into a regional industrial center.
Also, this factory will supply the production capacities of other factories to meet the needs of the local market, especially in the field of the automobile industry, so that we can produce and satisfy our needs and export abroad with high quality and competitive prices so that we can continuously attract the dollar to the Egyptian market.
All of this, of course, comes within the directives of the President of the Republic to transform Egypt into a regional industrial center, in accordance with the latest environmental and sustainable standards.
