Representatives from the governments of Indonesia and Malaysia convened to discuss recent developments in Egypt's economy, trade, industry, and investment, alongside efforts to boost export volumes to Egypt and explore a potential ASEAN-Egypt Free Trade Agreement (AEFTA). Indonesian Trade Attaché in Cairo, M Syahran Bhakti, emphasized Egypt's strategic significance as a business partner to both countries, advocating for enhanced ASEAN cooperation with Egypt in trade and investment. Malaysia's Trade Commissioner Raphy Md Radzi revealed plans to open a Malaysian Trade Office in Cairo, aiming to expand opportunities, particularly in the African market, for Malaysian products. Discussions also centered on the possibility of using Indonesian and Malaysian currencies in transactions with Egypt, currently under consideration with the Central Bank of Egypt.
Meanwhile, Indonesia has expanded its investment footprint in Egypt, exemplified by the establishment of an instant noodle factory by Indomie. Egypt has reciprocated with investments in Indonesia through companies like El Sewedy and Golden Coffee Company. Plans for the Indonesia-Africa Forum in August 2024 were highlighted, aiming to strengthen economic ties with African countries, including Egypt. According to Indonesia's Central Statistics Agency (BPS), total trade between Indonesia and Egypt in December 2023 amounted to USD 1.513 billion, with Indonesia holding the largest market share among ASEAN countries. Despite a slight decrease compared to the previous year, Indonesia maintained a trade surplus with Egypt, indicating robust economic relations between the two nations.
