Trade exchange bet. Egypt, Spain hits €1.961M in 9 months

CAIRO – 1 December 2021: Trade Exchange between Egypt, and Spain rose 23.8% during the first nine months of 2021, recording €1.961 million, compared to €1.583 million, during the same period of 2020, according to Minister of Trade and Industry, Nevine Gamea.

This came during an extensive meeting with Xiana Mendez, Secretary of State for Trade at the Spanish Ministry of Industry, on the sidelines of their participation in the activities of the Egyptian-Spanish Business Forum.

During the meeting, both sides reviewed the most important projects implemented by Spanish companies in Egypt, especially those financed within the framework of the financial cooperation protocol between the two countries, and the advantages offered by the protocol in the areas of financing feasibility studies and providing technical support to a number of projects in the priority sectors of the Egyptian state, which include the new and renewable energy sectors, hydrogen projects, and projects related to fish farming, marine fishing and fisheries development.

Gamea noted that the available investment opportunities in the economic zone of the Suez Canal were discussed, as well as investment opportunities in the fields of operating and developing ports, inviting Spanish companies to invest in Egypt in the field of petrochemicals, especially in light of the large projects proposed by the Ministry of Petroleum and the Petrochemical Holding Company.

The minister invited Spanish companies and major distribution chains to participate in Food Africa, which will be held in Cairo during December 12-14.

For her part, Mendes affirmed her country's keenness to strengthen joint cooperation frameworks with Egypt, as it is one of the most important economies in the Middle East and Africa.

She pointed out that the current visit of the Spanish Prime Minister to Cairo reflects the depth of the joint relations between the two countries, as well as the firm desire to achieve a qualitative leap in these relations in all fields and at all levels.

She pointed to the importance of benefiting from the enormous potentials enjoyed by the two countries' economies in increasing the rates of intra-trade, and achieving more communication between the private sector in the two countries, which contributes to creating investment partnerships that enhance the level of joint economic relations.