CAIRO – Egyptian Minister of Trade and Industry Ahmed Samir said that Spain is one of the most important commercial partners for Egypt in the European Union as the volume of trade between both countries exceeded 2.7 billion euros in 2021 in comparison to 2.1 billion euros in 2020 with 31.3% increase.
He said that the Egyptian exports reached 1.192 billion euros in 2021 in comparison to 659 million euros in 2020 with an increase of 89.5%.
This came in a word of the minister, read out on his behalf by Head of Commercial Representation office Yehia el Wathiq Billah, during the inauguration of Spain-Egypt Multilateral Partnership forum hosted in Egypt for two days in presence of Spanish Secretary of State for Trade Minister Xiana Méndez Bértolo and Spanish Ambassador to Egypt Alvaro Iranzo Gutierrez in addition to a number of representatives of Egyptian and Spanish companies.
The Spanish investments in Egypt reached 826 million euros in the fields of electricity generation, renewable energy, construction materials, food industries in addition big cooperation between both countries in the sector of transport due to the big interest given to this sector by the Egyptian government, Samir said.
The investment atmosphere in Egypt witnessed several legislative and institutional reforms in the past period to facilitate the measures for the investors and contribute to achieving positive results in the field of establishing companies, he added.
Samir said that the Egyptian government welcomes pumping new Spanish investments in the Egyptian market, expressing its keenness to present all kinds of support to Egyptian companies operating in Egypt to boost economic, commercial and investment ties in light of the current challenges witnessed around the world.
The government urges the Spanish companies to benefit from the incentives and advantages provided in Egypt for investments, he said.
He asserted the importance of the role of the business community to boost economic cooperation and trade exchange and encourage joint investments in Egypt.
The Egyptian government is working on providing an environment that attracts and supports business and investments via developing the legislative structure responsible for facilitating trade and investment in the different domains, he said.
Meanwhile, Bértolo said that Egypt is a strategic ally for Spain in the region, pointing out to the several agreements inked with Egypt to achieve partnerships and economic and investment integration.
Bértolo said that several Spanish companies have been operating in the Egyptian market for years, lauding the strenuous efforts exerted by the Egyptian state to host COP 27.
Also, Gutierrez said that there is a strong political will to strengthen Egyptian-Spanish relations.