Trade and Industry Minister Tarek Kabil participated in the ministerial meeting of Mercosur countries in Brazil, according to press statement on Thursday.
The ministry said that trade exchange between Egypt and Mercosur members is $3.3bn annually.
Kabil stressed the importance of intensifying efforts to achieve a balance in trade between the two sides, which is strongly leaning in favor of Mercosur countries, especially after the entry into force of the free trade agreement in early September, which will contribute to increased trade flow, economic cooperation and joint investments between Egypt and Mercosur countries .
The minister expressed Egypt’s keenness to benefit from Mercosur member countries’ markets for the entry of Egyptian exports all countries in South America. In addition, these countries may make use of Egypt’s strategic location as a hub for the entry of their products into the Arab, Middle Eastern, and African markets.
Kabil presented, at the ministerial meeting, the economic reforms adopted by the Egyptian government over the past two years, both in terms of improving the investment climate through the issuance of legislation related to the economic sector, especially new investment law, which gives large incentive packages to foreign investors participating in major projects currently being implemented by the government. In addition, he highlighted the Suez Canal Economic Zone, the Golden Triangle Project, and a number of other projects in various fields.