Egypt: The Ministry of Trade and Industry of Egypt has informed the general public about the recently conducted meeting between Dr George Stelfried, Ambassador of Austria in Cairo and Ahmed Samir, Minister of Trade and Industry.
As per the update, during the meeting Minister Ahmed Samir stated that the meeting was fruitful and held to discuss ways to develop joint economic cooperation relations.
During the meeting, the minister reviewed ways of developing joint economic cooperation relationships in the commercial, industrial and investment spheres, as well as the developments in the global economic situation, according to the update.
The minister said that the meeting discussed the preparations for holding a joint Austrian Egyptian Business Forum in Egypt at the end of this month with the participation of a number of ministers, officials and representatives of the private sector in both Egypt and Austria.
Minister Samir also noted that the forum would review the positions and investment opportunities in the Egyptian market and the possibilities of taking advantage of the accumulation of the established rules within the framework ‘The African Continent Free Trade Agreement’ on starting joint projects that meet the needs of the local market and export to the markets of the African continent.
The Minister of Trade and Industry further pointed out that the coming period will see increased coordination between the ministry and the Austrian Chamber of Commerce to provide reliable information to the Austrian business community about investment opportunities, laws and economic legislation applied in Egypt, which will contribute to the increase of Austrian investments in the Egyptian market during the next phase.
Samir also highlighted the importance of strengthening joint efforts to increase trade rates between Egypt and Austria, reflecting the vast industrial and export potential of both countries, noting that the volume of trade between the two nations reached about $339.5 million last year compared to $275.7 million in 2021, achieving a 23% increase.
As per the official update by the Ministry of Egypt, Austrian investments in Egypt include 173 projects in the fields of industry, services, tourism, construction, finance, agriculture, communications and information technology, the minister explained.
Additionally, Minister Samir called on Austrian companies to invest in the Egyptian market, especially in infrastructure, transport, transportation, port development and logistics projects, noting the importance of Austrian companies taking advantage of investment opportunities in the Suez Canal economic zone and take benefit of the large investment incentive packages offered by the state to investors in the region.
On his part, Dr George Stelfried, Ambassador of Austria in Cairo, emphasized his country’s keenness to expand the framework of joint economic cooperation with Egypt as one of the central and regional states. He also drew the interest of Austrian business circles in investing and expanding in the Egyptian market in the framework of its investment plans aimed at bringing more investments by countries.
