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Trade Minister: a quantum leap expected in economic relations between Egypt and Portugal

Thursday 22/February/2018 - 03:04 PM
Sada El Balad
Hassanein Tayea
Egyptian Minister of Trade and Industry Tarek Kabil held a meeting with Portuguese Minister of State for Globalization Wrico Dias to finally approve the formation of the joint Egyptian-Portuguese business council.
During the meeting، Kabil said that Egypt and Portugal have strategic political and economic relations in all fields. He pointed out that Al-Sisi’s visit to Portugal in 2016 paved the way to enter a new phase of distinguished bilateral relations between the two countries in the coming period.
He added that the formation of the joint Egyptian-Portugal Business Council comes within the framework of the Ministry's keenness to enhance trade and investment relations between Egypt and Portugal during the coming period.
He pointed out to the importance of making use the role played by the Council in promoting the investment partnership between the two sides through coordination with the Portuguese private sector to establish joint projects that would contribute to fostering economic relations between the two countries.

He pointed out that there are huge opportunities for cooperation between Egypt and Portugal، especially in leather and textile industries، Suez Canal Development Project، the rehabilitation of 1.5 million feddans، as well as the fields of automobile industry، furniture، machinery and equipment، Food، distribution، logistics، agriculture and construction.

He pointed out that the volume of trade exchange between Egypt and Portugal rose during the last year to reach 218 million euros compared to 192.57 million euros in 2016.
The Minister added that the Portuguese investments in Egypt hit about $404.7 million، a total of contributions reach $2 million investments in the ICT sectors، ready-made clothes، new and renewable energy.

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