The Egyptian Ministry of Trade and Industry signed a memorandum of understanding with the Arab Brazilian Chamber of Commerce (ABCC) to establish a representation office in Cairo to oversee trade promotion and economic co-operation between Egypt, Brazil and its surrounding countries.
The MoU was signed by Minister of Trade and Industry Nevine Gamea and ABCC President Osmar Chohfi in the presence of Brazilian Vice President Hamilton Mourão, Brazilian Ambassador in Cairo Antonio Patriota, Secretary-General of the Union of Arab Chambers Khaled Hanafy and President of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ibrahim al-Araby.
Gamea said the MoU, which will remain in force for five years, comes as part of the ministry’s keenness to boost co-operation between businessmen in Egypt and Brazil.
The minister asserted that the Egyptian government, private sector and the FEDCOC welcome the opening of a regional bureau for the ABCC in Cairo, which, she said, would help serve the shared interests of the Egyptian and Brazilian businessmen, support trade co-operation and facilitate the flow of goods and services between both countries.
The chief of the ABCC said Cairo office’s services would include communicating with the Egyptian institutions, governmental bodies and business community, arranging for trade and economic missions from and to Brazil as well as organising all relevant business activities, among others.
Meanwhile, head of FEDCOC noted the Arab world imports 60 per cent of its food products and 60 per cent of production inputs at a total of about $100 billion, adding that 11 per cent of these imports come from Brazil.
Al-Araby stated that Egypt represents a hub for about 1.8 billion African consumers, adding that trade agreements signed by Egypt with other countries pushed up the volume of the market to 3.1 billion people.
He said Brazil is a key partner for Egypt, adding that trade exchange between the two countries hit $2.5 billion, a volume that is expected to increase. Brazilian investments in Egypt have exceeded $1 billion, he noted.
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