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Egypt-Romania business forum kicks off in Cairo
27 October 2021  -  Sector :  -  Entity :  -  Category : General

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The General Federation of Egyptian Chambers of Commerce has organized a joint business forum, as part of the visit by President of Romania to Cairo.

Cairo- Oct 27, 2021

The General Federation of Egyptian Chambers of Commerce has organized the Egyptian-Romanian Business Forum, as part of the visit by President of Romania Klaus Iohannis to Cairo, with the participation of various Romanian and Egyptian companies and businessmen.

“The ministry aspires to strengthen economic ties and boost trade with Romania, which ranks12th in the European Union by total nominal GDP,” said Nasser Hamed, Director of the EU Department at the Egyptian Commercial Service, in a speech delivered on behalf of Minister of Trade and Industry Nevine Gamea.

The minister noted that there is ample opportunity for cooperation between businessmen in the two countries in the fields of chemicals, petrochemicals, engineering industries, textiles, agricultural tractor manufacturing, electricity, renewable energy, tourism, telecommunications, IT and cybersecurity.

Egypt, she added, was the largest recipient of FDI in Africa in 2020, with a total value of $5.9 billion, making up 14.75% of total investments received by the continent, according to a report by the United Nations Conference on Trade and Development (UNCTAD).

 Furthermore, Gamea invited Romanian companies to invest in Egypt, especially in the Suez Canal economic zone of, mainly in the fields of the timber, engineering industries, IT, autos and metal industries, SMEs, energy and construction.

Official figures show that Egyptian exports to the Romanian market amounted to $107 million, during the first half of 2021, up 48% from $72.29 million a year earlier.

Top Egyptian exports to Romania include: plastics, fertilizers, pharmaceuticals, glass and agricultural products, Romania ranking 13th among EU countries receiving Egyptian exports.

Romanian investments in Egypt stand at $88 million in 81 projects, and Egyptian investments in Romania at $42.2 million in the fields of engineering industries, packaging and services.

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