The volume of trade exchange between Egypt and Canada currently totals $1.7bn, according to Egypt’s Minister of Planning and Economic Development Hala El-Said.
The figure is expected to continue increasing due to the mutual interdependence and cooperation between the two countries, and the strength of the Egyptian economy, she added.
El-Said stressed that the relations between Egypt and Canada are excellent, and that increased cooperation is needed in various fields, such as artificial intelligence (AI) and information exchange.
She added that Canada’s private sector plays a pivotal role in Egypt, noting that a Canadian company has been awarded the electric monorail project contract in Egypt’s New Administrative Capital (NAC).
The minister’s remarks came during her participation in a recent discussion held by the Canada-Arab Business Council via video conference, which discussed the economic and investment relations between the two countries.
The session was held in the presence of Canadian Minister of Small Business, Export Promotion and International Trade Mary Ng, and Egypt’s ambassador to Canada Ahmed Abu Zaid.
During the meeting, El-Said said that Egypt has been a global leader in the effective and rapid measures and policies to mitigate the negative effects of the novel coronavirus (COVID-19) pandemic.
“EGP 100bn, or 2% of GDP, has been allocated within the framework of a comprehensive plan to deal with the crisis,” El-Said said.
For her part, Minister Ng asserted that Canada is constantly keen to increase cooperation with Egypt in various fields, being one of the most important countries in the Arab world and Africa.
She noted that the Canadian government seeks to achieve an exchange of experiences between the two countries in various fields, including in economics.
Similarly, Abu Zaid indicated that the webinar was an opportunity to discuss the challenges brought on by the global pandemic.
He added that it also allowed for a discussion on the investment opportunities that can be relied upon during this crisis to enhance cooperation between the two countries.
The ambassador stressed that Egypt represents an important pillar in Africa, and acts as a main gateway to the rest of the continent.