Cairo, Muscat assert keenness to boost trade, investment co-operation

Egypt is keen to boost economic co-operation ties with Oman and to translate those ties into projects to benefit the Egyptian and Omani economies, meet local demand and create jobs.

This statement by Minister of Trade and Industry Nevine Gamea came during a meeting on Wednesday with the Egyptian-Omani Business Council.

The council is playing a pivotal role in activating trade exchange and boosting joint investments between the private sectors in both countries to strengthen economic ties, the minister said.

Council meetings are important for exchanging opinions and information on industrial investment opportunities in both countries to deepen partnership in establishing joint industrial and investment projects and increase trade between the two countries, the minister added.

The Ministry of Trade is keen to support Omani companies operating in the Egyptian market and facilitate trade exchange between Cairo and Muscat, Gamea said.

The volume of trade exchange between the two countries stands at $500 million, Gamea added, pointing out that Omani investments in the Egyptian market amount to $77.5 million, including 92 companies in industry, tourism, construction and agriculture.

Egyptian investments in the Omani market amount to $680 million, including 142 firms in infrastructure, roads and real estate investment, she said.

For his part, Chairman of Oman Chamber of Commerce and Industry Redha bin Juma Al-Saleh spoke of the importance of stronger trade and investment relations between Egypt and Oman.

He also stressed the need to increase trade exchange and partnership opportunities between Omani businessmen and their Egyptian counterparts.

Al-Saleh said the first meeting of the Egyptian-Omani Business Council was held after its re-formation to deal with a number of issues of mutual interest.

The two sides agreed on the need to establish joint investment projects as well as an Egyptian-Omani bank.

Al-Saleh said the council also discussed investment opportunities between the two countries in health, food security, education, information technology, electronics, furniture and real estate development.