Trade and Industry Minister Ahmed Samir on Sunday announced preparations for the Egyptian-Swedish Business Forum to enhance trade and investment relations between the private sectors of both countries.
The forum will be in Stockholm in early 2023, the minister said during a meeting with Swedish International Co-operation and Foreign Trade Minister Johan Forssell on the sidelines of COP27.
“The forum is a big chance to introduce available investment opportunities in the Egyptian market, especially in the Suez Canal Economic Zone,” the minister said.
Samir said his ministry intends to attract more Swedish investment and encourage investors to benefit from the free trade area agreements signed between Egypt and other economic blocs.
The minister underlined the importance of benefiting from Swedish expertise in backing small and medium-sized enterprises.
“Egyptian-Swedish trade is currently worth $928 million, and 222 Swedish projects worth $145 million are operating in Egypt,” the minister added.
Meanwhile, Minister Samir also held a meeting with Hakan Bulgurlu, the CEO of Arcelik, one of the world’s biggest home appliance makers.
During the meeting, the two sides discussed the Turkish company’s plans for expanding its business in Egypt.
The industry minister said the government is keen on encouraging foreign companies to inject new investments, especially in light of the attractive business environment in the country.
The two sides reviewed a project to be launched by Arcelik in Egypt at the end of 2023 to manufacture home appliances, with total investments worth $100 million and annual production capacity of 1.5 million household appliances.
The project is expected to provide 2,000 direct job opportunities.
The trade minister explained this project aims to meet the local market’s needs, noting the Turkish company targets turning Egypt into a hub for manufacturing and exporting its products to foreign markets.
Samir stated the government is keen to remove all obstacles facing investors, with a view to luring foreign investments that satisfy the local market’s needs and export to regional markets, especially in light of several free and preferential trade agreements signed between Egypt and a large number of countries, as well as major regional and global economic blocs.
On his part, Bulgurlu said Arcelik seeks to increase its presence in the Egyptian market to become a regional centre for the manufacture of household appliances and their feeding industries.
He added Arcelik currently considers starting the second phase of investment in air conditioners and TVs, pointing out the rest of Koç Holding companies have plans to invest in Egypt in the fields of industrial engines, electric car chargers, financial technology, tourism, health care, energy and the automotive industry.
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