Egypt signs MoUs with Vietnam in industry, investment sectors

CAIRO – 6 September 2017: Egypt and Vietnam signed memoranda of understanding (MoUs) in the fields of maritime trade, manufacturing, boosting investment, fish farming and the establishment of ports and economic zones on Wednesday, according to a statement from the presidency.

President Abdel Fatah al-Sisi signed the agreements during his visit to Vietnam, where he met with President Trần Đại Quang.

During the meeting, Sisi reviewed Egypt’s sustainable development strategy, measures taken to improve the business climate, and national projects under construction.
Egypt is looking to benefit from Vietnam’s experience in the fields of industry and trade, Sisi added.

The Vietnamese president said his country is keen to strengthen economic ties with Egypt, working to boost bilateral trade to reach $1 billion.

In an official visit to Vietnam and Singapore from August 22 to 26, Minister of International Cooperation and Investment, Sahar Nasr, and Chairman of the Suez Canal Authority Mohab Mamesh targeted signing contracts and MoUs for the Suez Canal Economic Zone (SCZone).

During his four-day tour to Asia, Mamesh discussed with Vietnamese companies cooperating in the establishment of an international arsenal at the Adabiya area northwest the Gulf of Suez.

Egypt’s imports from Vietnam amount to $221.3 million annually and include fish, seafood, textiles, clothing, mobile phones, equipment, spare parts, and vehicles.

Vietnam imports chemicals, honey, petroleum products, dairy products, and textiles from Egypt at a value of $8.7 million per annum.