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Egyptian President Abdel Fattah El-Sisi has revealed an agreement with Indonesia to establish a joint logistics zone within the Suez Canal Economic Zone, involving cooperation between state-owned companies and the private sector in both countries.
President Abdel Fattah El-Sisi said: "The logistics zone and the cooperation we are discussing represent an opportunity that can be realised through political will, and I stress the importance of coordinating positions on issues of shared interest."
El-Sisi noted that Egypt imports palm oil worth close to one billion US dollars from Indonesia, while Indonesia in turn imports certain materials and products from Egypt, such as phosphate fertilisers, among others.
The Indonesian president said he hopes to establish a joint trade committee between the two countries, confirming that a high-level diplomatic delegation would be sent to liaise with the Egyptian government with the aim of supporting joint industries. He indicated that work would be carried out to process palm oil in Egypt, and affirmed that he could take part in the launch of the logistics zone in the Suez Canal Economic Zone.
Data released on Wednesday by Egypt's Central Agency for Public Mobilisation and Statistics showed that trade between Egypt and Indonesia rose to 1.39 billion US dollars during the first ten months of 2024, compared with 1.38 billion US dollars over the same period in 2023.