By: Salwa Samir Egypt is a unique challenge for Indonesian businessmen because its fast economic growth offers great potential for trade, tourism and investment. As per the World Bank's expectations, Egypt will witness major economic growth of 4.5 per cent in 2018 and this rate will rise to 5.9 per cent in 2019, according to Indonesian Ambassador to Egypt Mr Helmy Fauzy. The ambassador was addressing the Indonesian-Egyptian business gathering organised by the Embassy late on Wednesday, to enhance the trade ties between the two countries and discuss the possibilities available for creating new investment opportunities. "These figures," Mr Fauzy said, "confirm the significant results achieved by the economic reform carried out by the Egyptian government in recent years. "This will have a definite impact on the revitalisation of business, on industrial projects, on trade,on investments and on Egyptian revenues," he added. Mr Fauzy pointed out that Egypt was one of Indonesia's important trading partners and it was a gateway through which Indonesian products could enter the African market. In February 2018, he added, Egypt's Central Agency for Public Mobilisation and Statistics reported that the total trade volume between Egypt and Indonesia was worth $203 million, compared to $75 million during the same period in 2017, which was an increase of 169.65 per cent. "The volume of Indonesian exports to Egypt in February 2018 was worth $185 million - an increase of 197.38 per cent, compared to the same period in 2017,when the figure was $62 million," he pointed out. The diplomat added that the value of Indonesia's imports from Egypt during February 2018 had increased by 38.49 per cent - from $13 million in 2017 to $18 million in 2018. "Indonesia's main exports to Egypt are palm oil and its derivatives, coffee, tyres, rubber, paper, vegetable fats, plywood, handicraft products and spices. While Indonesia's main imports from Egypt are agricultural products such as fruit, dates and olive oil, phosphates and chemical fertilisers," he said. The Indonesian diplomat briefed the Egyptian businessmen on the 33rd Trade Expo Indonesia which will be held from 24-28 October 2018 in the Indonesian city of Tangerang. Under the theme of "Creating Products for Global Opportunities", Mr Fauzy said, the expo will offer more than 300 high-quality Indonesian products and services such as food products, handicrafts, furniture and various types of local products. "I hope many Egyptian businessmen will attend the event to discover new opportunities to boost trade between the two countries," he said.
