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Egypt’s Trade Ministry keen for favourable business climate to attract FDIs - Daily News Egypt

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Egypt’s Trade Ministry keen for favourable business climate to attract FDIs

Nevine Gamea meets Russian companies wishing to expand in Egypt during next period

The Egyptian government is keen to prove a favourable investment climate to attract foreign investments to the Egyptian market, according to Nevine Gamea, Minister of Trade and Industry.

Gamea also noted that the establishment of the Russian industrial zone in the Suez Canal Economic Zone (SCZone) is an initial step for attracting many Russian companies to invest in Egypt.

Gamea’s remarks came as she concluded her visit to the Russian capital, Moscow, during which she chaired the meeting of the Egyptian-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation. The meeting saw the participation of representatives from ministries and relevant authorities.

On the sidelines of the visit’s activities, Gamea also held intensive meetings with a number of Russian companies wishing to establish a presence in Egypt during the next phase.

She said that her ministry welcomes the strengthening of Russian investments in the local market, and overcoming all obstacles that Russian investors may face. This, in turn, will reflect positively on the increase in the rates of trade exchange and joint investments.

The minister’s meetings included a meeting with Alexander Vronkov, Regional Vice-President of the Rosatom Group, which dealt with the possibility of manufacturing multi-use carbon fibres in Egypt. 

This particularly relates to the fields of construction, auto parts, machinery, and natural gas tanks. It was agreed that company officials would visit Egypt early in July to start talks with the Egyptian parties.

Gamea also met with Sergey Abramenko, President of the Helix Company, who discussed the possibility of benefiting from the company’s great experience in the field of water treatment and waste recycling through mobile units, as well as the fields of air purification.

The visit received great attention from the Russian media, with the minister making a number of press and television statements.

She confirmed the consensus of visions between officials of the two countries to bring about a qualitative leap in joint relations in various fields and at all levels.

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