Egyptian and Indonesian flags. (VectroStock.com)
"The agreement will help the private sector in Egypt and Indonesia launch trade partnerships," Minister of Trade and Industry Ahmed Samir commented.
Samir further stated that Indonesian investments in Egypt reached around $58 million in 28 projects in the industrial, services, construction, telecommunication, and information technology sectors.
Trade exchange between Egypt and Indonesia registered around $1.5 billion in 2022, the minister revealed.
He added that the top key items traded between the two countries include palm oil, as well as mineral, chemical, and phosphate fertilizers.
Compared to data released by Indonesia's Minister of Foreign Affairs, Egypt-Indonesia trade was at $1.86 billion in 2021, which represents a 19.3 percent annual decline in 2022 in the trade between the two countries.
Noteworthy, Egypt's trade balance deficit dropped by 48.2 percent to $2.1 billion in February 2023, down from $4.06 billion a year earlier.
Exports reached $3.44 billion in February, a 22.2 percent annual shrinkage, while imports declined by 34.7 percent y-o-y to $5.54 billion in the same month.