Investment, agriculture, irrigation, small and medium enterprises, chambers of commerce and maritime transport were the main sectors included in the memorandums of understanding that Romania and Egypt signed on Friday, after a meeting of the Romanian-Egyptian Joint Committee for Economic Cooperation, a committee revived after seven years of stagnation.
“We want to have a relationship based on our common experience, and collaboration, too, a stronger cooperation between the Romanian and Egyptian business sectors. In this respect, I can tell you that I have already signed certain memoranda to strengthen cooperation between the two countries, and the main sectors were agriculture, SMEs, so the business milieu, and ways to smooth Romanian investments in Egypt and Egyptian investments in our country,” the Minister for the Business Milieu, Commerce and Entrepreneurship, Ilan Laufer, stated after the meeting and the signing ceremony.
Laufer specified that since 2012 Egypt has become one of Romania’s most important partners in the Middle East and Africa, and that the exchanges between the two countries reached USD 900 million in 2014-2015.
On behalf of the Egyptian side, the Committee’s work protocol and the memorandums of understanding between the two countries were signed by Dr. Sahar Nasr, Minister of Investment and International Cooperation.
The Egyptian delegation participating to the works of the Joint Committee for Economic Cooperation included representatives from the Ministries of Investment and International Cooperation, Foreign Trade and Industry, Oil and Gas, Health, Agriculture and Land Reclamation, Electricity and Energy, Tourism, Communication, Transport, Higher Education, Scientific Research and Irrigation.
Egypt, Romania aim to enhance economic cooperation and increase the volume of bilateral trade
Opening on Friday the meetings of the second session of the Egyptian-Romanian Joint Committee for Economic Cooperation held in the Romanian capital Bucharest, the Egyptian Minister of Investment and International Cooperation reviewed bilateral cooperation in terms of economic, scientific and technical cooperation, noting that the Committee has not been held since 2010, assuring that it is crucial that the Committee meets on a regular basis.
The Minister met with members of the Romanian Government as well as the Romanian Deputy Prime Minister, the Ministers of Business and Entrepreneurship and the Minister of Finance, to discuss the possibilities of enhancing cooperation and increasing the volume of trade between Egypt and Romania.
Dr. Sahar Nasr delivered a speech on how Egypt took legislative and administrative measures to achieve an attractive climate for investment, announcing that Egypt will launch a number of Mega-National projects that would turn the country into one of the emerging economies, specifying some of these projects as follows: the project on the rehabilitation of a million and a half acres, the construction of the new administrative capital, the establishment of a national network of roads, the development of many airports and seaports, and the development of oil and natural gas fields, which will result in the improvement of national economy indicators.
“The two sides agreed on joint cooperation in the field of entrepreneurship and the establishment of micro projects and supporting the role of youth in building the country, development and renaissance. It was agreed that the Minister of Trade and Entrepreneurship will visit Cairo in November to transfer the Romanian experience in this field,” a press release of the Egyptian Embassy in Bucharest informs.
Egyptian investments in Romania amounted to USD 100 million, while official statistics indicate that they reached USD 45.2 million. Romanian investments in Egypt reached USD 89 million, reflecting Romania’s increasing investment presence. The Egyptian Minister assured the importance of increasing joint investments between the two countries in the coming period.
Dr. Sahar Nasr inaugurated also a business forum stressing the importance of increasing awareness among businessmen and the private sector in both countries, and also raising awareness about the products and markets of the two countries and the opportunities for cooperation between them, assuring that there are many investment opportunities available under the new investment law in Egypt as it includes many incentives and advantages for investors.