Egypt Discussed Cooperation with Sweden

Means to strengthen the investment relations between Egypt and Sweden were covered when the Minister of Investment, Dr. Mahmoud Mohieldin met the Ambassador of Sweden to Cairo, Malin Karre.

The meeting was attended by Chairman and Vice Chairperson of the General Authority for Investment (GAFI), a number of officials of the Ministry and GAFI, and the vice president of the Swedish Trade Council in Egypt.

The participants discussed areas of mutual investments, especially in the fields of communications and IT, eco-friendly projects, solid waste management, wood industry, and construction materials.

Dr. Mohieldin stressed the importance of attracting more Swedish investments in the major value-added investment projects. Swedish investments and expansion opportunities in the country were also discussed.

There are some 90 Swedish investment foundations operating in Egypt, and more than 50 percent of them have been founded over the last five years. They invest in a number of economic sectors, mainly pharmaceutical industries, tourism, services (especially financial) and communications.

The two sides eventually agreed to initiate an executive program to develop the contractual framework of both countries' investment relations and to promote joint investments and mutual investment missions.