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Trade minister, Swedish counterpart discuss boosting mutual cooperation
24 September 2021  -  Organization :  -  Sector/Entity :  -  Category : General

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The two ministers agreed to form the first joint Egyptian-Swedish business council and organize a business forum.

Cairo- Sep 24, 2021

Minister of Trade and Industry has received Swedish Minister of Foreign Trade Anna Hallberg and her accompanying delegation, to discuss ways to deepen joint cooperation between the two countries, mainly in the areas of trade, industry and SMEs.

The talks focused on the ongoing coordination between Egypt and Sweden to form the first joint business council and organize a business forum, with the aim of enhancing industrial and commercial cooperation between the business communities in both countries.

The two sides explored cooperation opportunities in the field of wood industries, Sweden being a global leading producer of high-quality timber and the second largest wood exporter to Egypt, renowned for its competitive furniture industry.

They also discussed cooperation in developing small and micro enterprises through providing financing and non-financing services by the Swedish side as well as other international funding bodies.

According to official figures, Egypt-Sweden trade has not been affected by the Covid-19 crisis, and grew remarkably by 25% in 2020 to about $913.4 million, compared to $734 million a year earlier. Goods exchanged between the two countries include: timber, machinery, equipment, vegetables and fruits.

Sweden ranks 40th among the largest investors in the local market, with investments standing at $142 million until May 2020.

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