Egypt, Libya Look Forward to Promoting Cooperation

Dr. Mahmoud Mohieldin, minister of investment, met with the chairmen of agencies, authorities and companies affiliated to its ministry to discuss the areas of Egyptian-Libyan cooperation and to follow up on mutual investment between the two sides.

This was part of the preparations for the meeting of the higher joint Egyptian-Libyan committee scheduled from December 3rd – 5th 2009 in the Libyan capital Tripoli. The Ministry of Investment will attend this event.

Today's meeting was attended by Mr. Osama Saleh, chairman of the General Authority for Investment; Dr. Mohamed Omran, Vice President of the Egyptian Stock Exchange; Eng. Ahmed el-Sayed, Chairman of the National Company for Construction; Mr. Ali Abdel Aziz, Chairman of the Holding Company for Tourism, Hotels and Cinema; Nevin El Shafei, Vice President of the General Authority for Investment; and a number of concerned officials from the Ministry of Investment.

Dr. Mohieldin reviewed the Libyan current investments in Egypt. Libya has a stake in the capital of 324 Egyptian companies operating in the industrial sector, services, construction, agriculture and tourism.

The meeting also discussed ways to boost Egyptian-Libyan economic relations, both in non-banking financial services and direct investment, and especially to push forward the work concerning the Egyptian-Libyan free zone. This zone will include tourism, services, trade and the industrial sector.

Some investment opportunities will be put forward to the Libyan side in infrastructure as well as productive and service enterprises.