Arab Finance: Egyptian Minister of Industry Khaled Hashem and South African Trade, Industry, and Competition Minister Parks Tau discussed expanding industrial cooperation, focusing on automotive manufacturing and components, according to a statement.

Building on the results of the African Automotive Investment Forum in New Alamein, both ministers mulled over ways to achieve industrial integration between the two countries.

Hashem said Egypt seeks to attract vehicle manufacturers and component suppliers to produce for the domestic market and exports, as the country has taken steps to increase local production of automotive components and attract investment in tires and electric vehicle batteries.

The ministers also considered cooperation on vehicle and component testing and certification to facilitate trade between Egypt and other African markets.

Their discussions also covered pharmaceuticals, metal industries, agro-processing, and infrastructure and logistics zones. Hashem raised the possibility of joint ventures in iron, steel and manganese alloys, citing their use in heavy industry and the opportunity to add value to raw materials available in both countries.

Moreover, Hashem added that Egypt aims to build on its economic ties with South Africa by making greater use of both countries’ industrial resources and capabilities.

For his part, Tau expressed South Africa’s interest in closer cooperation on vehicles and components and in exploring partnerships that would benefit both economies.