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Egypt, Cyprus trade ministers hold talks, open joint business forum
28 March 2022  -  Sector :  -  Entity :  -  Category : General

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The two ministers discussed organizing an Egyptian trade mission to Cyprus and opened the joint business forum.

Cairo- Mar 28, 2022

Minister of Trade and Industry Nevine Gamea has received Cypriot Minister of Energy, Commerce and Industry Natasa Pilides, where they discussed means to expand economic cooperation between Egypt and Cyprus as well as with Greece.

The meeting discussed organizing an Egyptian trade mission to Cyprus during the second half of the year, in coordination between the Federation of Egyptian Chambers of Commerce and the Cyprus Chamber of Commerce and Industry.

“We are looking forward to strengthening cooperation with Cyprus in various economic sectors,” Gamea said, citing a number of current and potential joint projects including: electrical interconnection, exporting natural gas to Europe, in addition to food processing, fisheries, tourism and ship building.

The minister also invited Cypriot companies to invest in Egypt, a hub for Arab and African markets, and to benefit from its free trade agreements which offer access to a 1.8 billion consumer market.

Moreover, the two ministers opened the Egypt-Cyprus Business Forum, with the participation of a host of companies from both countries.

According to official data, bilateral trade hit $66 million in 2021, with Egyptian exports amounting to $42 million and imports $24 million. Chemicals, iron, plastics, paper, fertilizers, vegetables, ceramics, machinery and leather are among the top goods exchanged.

Cypriot investments in Egypt stand at $358 million in 191 projects in the services, manufacturing, construction, IT and communications, tourism and agriculture sectors.

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