Trade exchange bet. Egypt, Portugal reaches €339.1M in 2021

CAIRO - 4 October 2022:  Trade exchange between Egypt and Portugal jumped from €218.4 million in 2017 to €339.1 million in 2021, according to the Secretary of State for Foreign Affairs and Portuguese Cooperation, Francisco André.

 

André commented that the hike in the volume of trade exchange confirms that Egypt is a reliable partner to contribute to achieving economic development.

 

This came during the inauguration of the CEO of the General Authority for Investment and Free Zones, on Monday evening, the Egyptian-Portuguese Investment and Partnership Forum, the first of its kind in the capital, Lisbon, with the participation of more than 80 Egyptian and Portuguese companies.

 

He stressed that the convening of the forum reflects the two countries' desire to expand and deepen joint economic cooperation, at a time when the world is witnessing an exacerbation of several crises.

 

André reviewed some sectors that offer promising opportunities for cooperation, which included the energy sector; Egypt aspires to become a regional energy center, and seeks to increase its share of renewable energies to 42% of the total electricity production by 2035.

 

He also referred to the possibility of establishing partnerships with Portuguese companies with great expertise in this field, as well as cooperating with the Egyptian side in the field of transporting gas from the Mediterranean to the Portuguese port of "Sines", which is fully equipped to receive this type of supplies.

 

The Portuguese official pointed out that hosting the next climate conference comes in light of efforts to restructure the global energy market, paving the way for more investments in renewable energy and green technologies.

 

He pointed out the readiness of Portuguese companies to contribute to the implementation of "Egypt Vision 2030", which is a major strategic plan to achieve tangible rates of development in the long term, by sharing their long experience in areas such as: construction and infrastructure with their Egyptian counterparts.

 

André said that coordination is underway between the Egyptian and Portuguese sides; to agree on direct flights between the two countries, based on the importance of this in taking advantage of the economic opportunities available in all sectors in the two countries, at a rate of two direct flights per week.