Egypt, Belarus Hold Trade Committee TalksSource: www.export-egypt.com 11/16/2023, Location: Africa |
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Egypt’s Minister of Trade and Industry Ahmed Samir met with Belarusian Minister of Antimonopoly Regulation and Trade Alexei Bogdanov to discuss mutual cooperation, according to a statement .
The meeting was held on the sidelines of the seventh meeting of the Belarusian-Egyptian Joint Trade Commission. Samir emphasized Egypt's commitment to strengthening ties with Belarus at bilateral and multilateral levels, especially under a forthcoming free trade deal between Egypt and the Eurasian Economic Union. He stressed the need to leverage investment and industry opportunities in both countries to create tangible cooperation projects benefiting their economies. Regular committee meetings act as a mechanism for activating joint efforts across fields, bringing initiatives and agreements into real projects. In 2022, trade volumes between the countries reached $95 million. Both ministers held bilateral talks focusing on economic, trade, and investment cooperation. Samir reaffirmed Egypt's support for advancing joint work. He also highlighted the scope for industrial integration and opening new markets in Africa, the US, and Arab nations with which Egypt has trade deals. Belarusian companies could also capitalize on domestic investment incentives. Bogdanov affirmed strong political backing in both countries for the committee's work areas. They discussed projects like assembling Belarusian Minsk cars in Egypt, supplying foods to the Egyptian market and gaining halal certification, and cooperation on grain silos, agricultural machinery, and the second agricultural working group meeting. To further bolster the export sector, the Egyptian government has taken noteworthy steps, including the allocation of an additional EGP 2 billion ($64.73 million) in August for the sixth phase of the cash repayment initiative, aimed at incentivizing exporters. Moreover, Egypt has set its sights on an ambitious target of reaching a total annual export value of $100 billion by 2030. In 2022, Egyptian annual exports nearly doubled to $21.2 billion from $10.9 billion in 2016, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). |
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