Egypt and Pakistan have agreed to strengthen investment co-operation and explore new joint ventures, particularly in textiles, ready-made garments, batteries, electric bicycles and mobile phones, Egypt’s investment ministry said.
The agreement was reached during a meeting between CEO of Egypt’s General Authority for Investment and Free Zones, Mohamed Awad, and Pakistan’s Ambassador to Egypt, Aamir Shouket, the ministry said in a statement.
The two sides agreed to organise a forum bringing together business representatives from both countries to identify investment opportunities, discuss challenges and facilitate partnerships, particularly between startups and entrepreneurs.
Awad said Egypt was committed to supporting Pakistani investments and removing obstacles facing them. He added that major Egyptian companies were interested in partnerships with Pakistani businesses in sectors where Pakistan has technological expertise, including textiles, garments, electric batteries and transport.
Shouket said existing Pakistani investments in Egypt were seeking to expand, with new projects under consideration in textiles and mobile-phone manufacturing.
Pakistan is also interested in transferring its entire electric-bicycle production chain to Egypt, including battery manufacturing, bicycle-frame production, operating software and battery recycling, he said.
The ambassador said Pakistan also sought to benefit from Egyptian expertise in tourism, real-estate development, infrastructure and agricultural investment.
Partnerships with Egypt would allow Pakistani companies to serve the Egyptian market and expand into other African countries under the African Continental Free Trade Area, Shouket said.
