Czech Foreign Minister Jakub Kulhánek announced that Czech financial institutions and banks initially started supporting companies to pump new investments into the Egyptian market and support intra-trade.
Kulhánek said that the Czech Export Bank "Česká exportní banka" pumped USD 300 million into the Egyptian market, which represents 75% of the current export volume of Czech products in the Egyptian market, according to the Middle East News Agency.
This came during the Egyptian-Czech Economic Forum organized by the General Federation of Chambers of Commerce headed by Ibrahim Mahmoud El-Araby, attended by Sameh Shoukry, Egyptian Minister of Foreign Affairs, and Badr Abdel-Aty, Assistant Foreign Minister for European Affairs and President of the Federation of Czech Chambers of Commerce.
The minister added that the economic revolution that Egypt is currently witnessing in all fields has managed to put it on the list of the highest growing economies, not only in Africa but elsewhere, as the Egyptian economy was able to achieve sustainable growth during the economic challenges imposed by the pandemic.
He explained that the mega projects carried out by Egypt in the fields of energy, construction, recycling, water treatment and the development of the transport and road system, within Egypt's Vision 2030; give a glimpse of the growth of the economy and give an attractive climate to the Egyptian market in front of all international companies.
On his part, Shoukry said that bilateral trade over the past year, although not up to the level of partnership with the Czech side, gives good opportunities to develop joint economic relations, calling on companies from both sides to strengthen bilateral and tripartite cooperation to enter African and European markets together, through joint manufacturing.
He added that the political leadership in both countries attaches great importance to the development of joint relations, pointing out that there is an Egyptian effort to sign a cooperation agreement between the Suez Canal Authority and the Czech side, similar to the agreement signed with the Polish side in the Suez Canal economic zone (SCzone).
El-Araby said that this meeting comes to complete what was agreed upon during the second business forum in Prague, where both parties were committed to enhancing bilateral and tripartite cooperation, which will bare economic returns through the Integration of joint production and manufacturing.
He added that Egypt sought to receive this tripartite cooperation, as Egypt adopted revolutionary reforms, including a legislative and a procedural revolution to facilitate the business climate, and provided dozens of industrial, commercial and logistical zones all over Egypt, and raise the efficiency of the necessary infrastructure, which is integrated with major projects in all fields.
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