Egypt signs cooperation protocol with Kazakhstan, calls for more joint projects

CAIRO - 10 March 2017: Minister of Investment and International Cooperation Sahar Nasr chaired the fifth session of the Kazakh-Egyptian Ministerial Committee for Economic, Scientific and Technical Cooperation on Thursday, with the attendance of the Kazakh Minister of Culture and Sports.

Nasr called on the Kazakh side to increase investment in Egypt and seize opportunities emanating from national projects, especially with the approaching of the new government-drafted investment law issuance which provides large incentives and guarantees for investors, according to a

press statement

published on the ministry's website.

The estimated size of Kazakh investments in Egypt reached $300,000 in late 2016, concentrated in industry, communications, tourism, constructions and service, the statement added.

On March 9, Nasr signed a protocol that included Kazakhstan's support of Egypt in its negotiations to establish a free trade zone between Egypt and the Eurasian Economic Union, along with promoting discussions on the possibility of establishing joint projects between the two countries in the fields of pharmaceutical industry, medical supplies and medical equipment.

The statement also emphasized that the Kazakh side highly recommended that Safaga port be the biggest wheat storage facility in the MENA region due to its strategic geographic location and storage capacity.