Daily News Egypt

Egypt discusses with Romania enhancing joint trade, investment relations - Daily News Egypt

Advertising Area

Advertising Area

Egypt discusses with Romania enhancing joint trade, investment relations

Volume of trade exchange between two countries from January to November 2017 reached $617m

Egyptian Minister of Trade and Industry Tarek Kabil announced in a press release that he is discussing with Romanian Minister of Business Environment, Trade, and Entrepreneurship Stefan-Radu Opera ways of cooperation between Egypt and Romania at all levels and in various areas, especially the trade, economic, and tourism fields, as well as increasing Romanian investments in the Egyptian market.

This came during Kabil’s meeting with Opera on the sidelines of Egypt’s participation in the 10th meeting of trade ministers of the Union for the Mediterranean (UfM) countries, which is being held in Brussels, after an eight-year Egyptian hiatus.

Kabil pointed out Egypt’s keenness to benefit from the Romanian experience in the field of agriculture and the use of Romania as a strategic partner in the supply of wheat to Egypt, especially since Egypt imports more than 1m tonnes of wheat annually.

He also pointed to the importance of enhancing the trade relations between Egypt and Romania, revealing that the volume of trade exchange between the two countries from January to November last year reached $617m.

Meanwhile, “Egyptian exports to Romania increased to reach $124.3m in the period from January to November 2017 compared to $100.2m in the same period of 2016,” Kabil continued.

He added that the most important Egyptian goods exported to the Romanian market are fertilisers, pharmaceuticals, cables, electrical conductors, vegetables, fruits, chemicals from plastics, plastic,s and agricultural crops.

The Egyptian minister stressed that the Egyptian government is keen to increase Romanian investments in the Egyptian market, pointing out that Romanian investments in Egypt amounted to about $18.3m in 60 investment projects in the services, industrial, information, and communications sectors.

On the other hand, Kabil stressed on the importance of operating a direct air route between Egypt and Romania during the current year, thus contributing to the development of many fields between the two countries, especially tourism.

He assured the need to activate the role of the Egypt-Romania Business Council in the development of economic relations between the two countries.

For his part, the Romanian minister of business environment, trade, and entrepreneurship expressed his country’s keenness to strengthen political, economic, cultural, and tourism relations with Egypt during the coming period, pointing out the importance of activating the system of exchanging economic and promotional delegations between the two countries in various fields.

Moreover, he said a trade delegation is scheduled to visit Egypt and Romanian traders will be sent to Egypt next April and May to identify the most competitive advantages of Egyptian products.

Furthermore, he said an Egyptian business delegation visited Bucharest last January and February. He added that the Cairo International Fair, which is currently held in Egypt’s capital, is being attended by many Romanian companies.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter