Minister of Industry Khaled Hashem and a South African delegation led by Minister of Trade, Industry and Competition Mabo Parks-Tau discussed on Monday opportunities to deepen co-operation and boost industrial integration between the two countries.
The talks focused on a number of priority sectors, including pharmaceuticals, medical supplies and equipment, automotive manufacturing and components, as well as the establishment of logistics zones.
During the meeting, Hashem said Egypt and South Africa share a long history of economic co-operation and stressed the importance of elevating their partnership to the level of industrial integration.
He noted that stronger industrial ties would enhance competitiveness, support Africa’s industrialisation efforts and maximise the use of resources available in both countries.
Hashem added that Egypt is seeking to attract automotive component manufacturers through incentives offered under its National Automotive Industry Development Programme, which aims to increase annual vehicle production to 100,000 units by 2030.
Egypt is currently negotiating with several major international pharmaceutical companies to invest in the local production of active pharmaceutical ingredients (APIs), with the aim of transferring technology and expanding domestic manufacturing capabilities, he added.
For his part, Minister Parks-Tau highlighted South Africa’s strengths in the pharmaceutical and automotive sectors, noting that the country is Africa’s largest automobile manufacturer and exporter.
He stressed the importance of finalising a memorandum of understanding (MoU) on automotive industry development between the two countries, saying the agreement would help boost intra-African trade and attract strategic investment to the continent’s automotive sector.
Both ministers agreed to increase co-ordination in support of continental integration, advance Africa’s industrialisation agenda and accelerate implementation of the African Continental Free Trade Area (AfCFTA).
