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Editor in Chief Mohamed Wadie

Egypt Shows Interest to Invest $1 bln in Pakistan


Thu 17 Oct 2019 | 11:20 AM
H-Tayea

Egypt is keen to invest $1 billion in Pakistan over the next one year in different sectors including energy, infrastructure, food and tourism, said Egyptian Ambassador Ahmed Fadel Yacoub.

 

Speaking at the Rawalpindi Chamber of Commerce and Industry (RCCI) on Thursday, the envoy said bilateral trade had been on an uptrend and it currently stood at $260 million per year compared to $200 million last year.

 

“Both countries are enjoying good relations and there is a need to further increase exchange of delegations and information,” he said.

 

The envoy told the meeting that Egypt would be declared Hepatitis-free country by 2020 and urged Pakistan businessmen to establish joint ventures in pharmaceutical and health sectors.

 

He stressed that Egypt could help Pakistan completely get rid of Hepatitis C.

 

“First joint working group has been established by Pakistan and Egypt and I hope we can explore more opportunities here,” the ambassador added.

 

Ministry of Commerce Joint Secretary Maria Kazi said special incentives would be provided to Pakistani companies through a new strategic trade policy framework for participating in trade fairs in Africa under the ‘Look Africa’ initiative. She urged the private sector to focus on exporting a higher volume of merchandise to Africa.

She added that special incentives would be provided to Pakistani companies through new strategic trade policy framework for participating in trade fairs in Africa, under Look Africa initiative.

She also pointed out that Pakistan's exports to Africa were confined to few products including rice, pharmaceuticals, cement, textiles, surgical and sports goods and urged that private sector should focus on exporting more products to Africa. She lauded RCCI efforts for promoting trade activities and appreciated its efforts for organizing Business Africa Forum earlier this year in Islamabad. She assured full support and assistant to RCCI for organizing trade exhibitions in the region.