Means to develop bilateral investment and trade relations between Egypt and Turkey were discussed when the Minister of Investment, Dr. Mahmoud Mohieldin met the Turkish Minister of Finance, Kemal Unakitan.
Dr. Mohieldin highlighted the importance of Turkish investments in Egypt especially in the industry sector. Turkey occupies the 29th rank among countries investing in Egypt. He expected that Turkey will have a better rank during the coming two year as many Turkish companies are willing to invest in Egypt.
Egypt seeks to attract more Turkish investments to labor-intensive projects and the Upper Egypt, Dr. Mohieldin added.
It is necessary to improve mutual transport and facilitate navigation lines between the two countries, Dr. Mohieldin said urging more procedures to facilitate mutual banking services.
The two ministers discussed the projects in which Turkish companies are willing to invest especially metallurgical industries.
Mr. Unakitan said that Egypt has completed the infrastructure qualified to attract investments. Turkish companies, therefore, are willing to invest in Egypt.
Egypt welcomes Turkish investments given strong political relations between the two countries, Dr. Mohieldin told a symposium on economic trade cooperation between Egypt and Turkey.
Reforms undertaken in Egypt since 2004 are aimed at realizing a nation-wide growth of all sectors and attracting more investments to labor-intensive projects. Turkey is one of the countries that contributed in investment in Egypt, Dr. Mohieldin said.
Turkey has shares in 144 Egyptian companies in sectors of industry, construction, services, tourism, communication and information technology and agriculture. Moreover, 126 Turkish companies have finalized feasibility studies on establishing investment projects in Egypt, including 67 companies of spinning, weaving and ready-made garments.
Dr. Mohieldin underscored the role of investment zones in attracting Turkish investments and overcoming bureaucracy. He referred to the industrial zone to be established in 6th October City.
Development, the Minister of Investment said, is not limited to industrial zones. The government, however, is interested in developing investments in all regions in Delta and the Upper Egypt. The government, he explained, adopts an integrated program to attract and boost investment through infrastructure projects of roads, natural gas and airports as well as labor training.
Dr. Mohieldin noted Egypt and Turkey have already signed all agreements in support of bilateral trade and investments in addition to technical and sectoral protocols of cooperation and anti-tax doubling agreements. It is high time for both countries to support the development process in favor of both peoples gathered by friendship, cooperation and cultural relations.
Cooperation with IDA discussed Cooperation with the Irish Development Agency (IDA) was discussed when the Minister of Investment, Dr. Mahmoud Mohieldin met the IDA Executive Director, Mr. Robin Henry.
Cooperation between Egypt and IDA covers several fields especially mortgage finance, insurance and stock market, Dr. Mohieldin said. It is important to encourage Irish investments to come Egypt attracted by several investment opportunities available, he added.
A one-day event may be organized in Ireland to be attended by the General Authority for Investment and Free Zones (GAFI) to discuss cooperation and present the investment opportunities available in Egypt, Dr. Mohieldin said. It is left to GAFI to select the suitable time for this event.
Steps made by GAFI to improve the investment climate were explained by GAFI Vice Chairperson, Ms. Nevin El Shafei. This includes simplification of the establishment procedures and amending the legislative atmosphere, leading to an increase in foreign direct investments. Procedures have been taken to finalize the settlement of economic disputes.
Henry said that IDA is interested in boosting its relations with Egypt and providing assistance in development projects.
Source: Ministry of Investment
