Gulf-Egyptian Business Forum Kicks Off in CairoSource: www.export-egypt.com 11/22/2023, Location: Africa |
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Egypt's Minister of Trade and Industry Ahmed Samir opened the first Gulf-Egyptian Business Forum at the Federation of Egyptian Chambers of Commerce (FEDCOC) in Cairo.
The two-day event is being attended by high-ranking trade officials from the Gulf Cooperation Council (GCC), read a cabinet statement. The forum is meant to discuss avenues for cooperation between Egypt and Gulf markets and focus on the opportunities offered by Egypt to the private sector under the State Ownership Policy Document, Samir said. Discussions include the reconstruction and revamping of Egypt’s infrastructure through projects encompassing energy generation and building of roads, ports, and modern and industrial cities, Samir added. The minister noted that Egyptian-Gulf cooperation may extend to building logistics centres and industrial areas to link the region to other markets with over three billion consumers. Egypt-Gulf trade exchange reached $34 billion in 2022, and bilateral investments recorded $33 billion, according to Secretary-General of the GCC Jassim Mohamed Al-Budaiwi. Egypt has been working on boosting business relations with the Gulf. On 20 November, the Egyptian-Saudi Business Forum kicked off in Cairo with $1.5 billion worth of agreements expected to be signed. These recent advancements align with Egypt's broader objective of attracting foreign investments, particularly from Gulf countries, to strengthen its dwindling US dollar reserves. To achieve this goal, Egypt has been selling state-owned assets through its IPO programme, offering strategic investors stakes in 35 state-owned companies. |
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