Egypt: Cypriot Investors to Enter Egyptian Market during Coming Phase
Source: www.export-egypt.com 11/21/2017
Minister of Trade and Industry Tareq Qabil said that the coming phase will witness the entry of several Cypriot investors in the Egyptian market through establishing a number of projects in agricultural production, fish farming and pharmaceutical industries.
Coordination is underway with several major Cypriot investment funds in order to benefit from their funding mechanisms that would allow pumping new investments in the Egyptian market, Qabil noted.
The Egyptian-Cypriot investments have been developed during the past few years, Qabil said, adding that there are about 163 joint investment projects in Egypt with a total capital of one billion dollars.
The share of the Cypriot contribution in such projects has reached 28 percent of their capital.
Qabil made the remarks during bilateral meetings that he held with Cypriot companies and investment funds, on the sidelines of President Abdel Fattah El Sisi’s current visit to Nicosia with the aim of boosting joint cooperation.
He stressed the Egyptian government’s keenness on encouraging Cypriot investors to increase the volume of their investments in Egypt, especially in the Suez Canal Economic Zone, voicing the government’s readiness to provide all forms of support for the Cypriot investment funds.
Qabil’s meetings in Cyprus included a meeting with Deputy Chairman of Cypriot "Medochemie LTD" company for pharmaceutical industries Yasser Sabra, which tackled the company’s investment plans in Egypt during the coming phase
It is due to set up a project in the Suez Canal Economic Zone at a total cost of 25 million euros on an area of 10,000 square meters.
He also met with the executive director of the international company for consultancy to mull investment opportunities currently available in Egypt.