Minister of Investment and Foreign Trade Mohamed Farid Saleh held expanded talks on Tuesday with Czech Ambassador in Cairo Ivan Jukl, and the embassy’s commercial counsellor, Ondřej Kočí, to explore ways to deepen the economic co-operation between the two countries.
The meeting discussed key issues pertaining to high-tech transfer and strengthening investment and financial co-operation.
The talks reflect the deep-rooted strategic partnership between Cairo and Prague, Saleh said, stressing that the current vision focuses on attracting “quality investments” that go beyond traditional supply models towards the localisation of advanced technologies.
“We aim, through these partnerships, to deepen local manufacturing and enhance the efficient utilisation of mineral resources, particularly in southern regions, Sinai and the Eastern Desert, by leveraging advanced drone technologies used by Czech companies in geological surveying and analysis,” the minister said.
Egypt is keen to provide all necessary incentives to attract Czech investment and pension funds to the local market, he added, noting that preparations are underway for the upcoming joint economic committee meeting in Prague.
For his part, Ambassador Jukl said the objective of the talks is not merely to supply technology but to localise the manufacturing of components, helping to build a strong technological base and qualified Egyptian workforce in this vital sector.
The ambassador also highlighted successful examples of Czech investments in Egypt, including a major project in Sadat City with investments worth $100 million.
This project offers a successful model of export-oriented manufacturing, with 60 per cent of its output currently directed to foreign markets and plans to increase this to 100 per cent in the coming phases.
Jukl added that he looks forward to organising a high-level Czech business delegation visit to Egypt to strengthen economic ties and conclude tangible cooperation agreements.
The talks also addressed mechanisms to attract Czech venture capital and major pension funds, particularly the BPI fund, to invest in the Egyptian market.
The two sides agreed to form a technical working group to hold intensive meetings to translate these understandings into concrete projects, ahead of presenting them at the joint economic committee session scheduled to be held in Prague, with broad participation from leading institutions and companies from both countries.
