CAIRO – 23 January 2023: Qatar and Egypt engaged in discussions to develop a new strategy and work mechanism. The CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba met with Qatari Ambassador Tariq Ali Al Ansari in Cairo to explore avenues for increasing economic cooperation between the two countries.
During the meeting, the focus was on establishing cooperation mechanisms that would facilitate seamless economic integration. These mechanisms may involve the implementation of mutually beneficial projects within Egypt or the infusion of joint investments into emerging markets, particularly the African market.
The activation of the African Free Trade Area Agreement and Egypt's inclusion in BRICS added significance to this discussion, amplifying Egypt's trade and investment influence in Africa and other emerging economies.
Emphasizing the importance of ongoing communication, Heiba stressed the need to engage with Qatari companies already investing in Egypt, encouraging them to inject new investments and overcome any challenges they may encounter.
Additionally, efforts were made to connect with major Qatari companies interested in investing in Egypt, presenting them with attractive investment opportunities in various sectors such as real estate, entrepreneurship, logistics, and distribution centers.
The Qatari ambassador commended Egypt's economic reforms and measures, expressing confidence in the Egyptian economy and affirming the trust Qatari investors have placed in it.
Ambassador Al Ansari announced plans for regular coordination between representatives of the Egyptian government and Qatar to establish the Qatar-Egypt Investment Forum. Egypt hosted the forum in November 2023, which witnessed the signing of several agreements and memorandums of understanding between Egyptian companies and their Qatari counterparts in the real estate, food, and automotive industries.
Looking ahead, expectations are high for increased Qatari investment in Egypt's industrial sector. Yahya Al-Wathiq Billah, Head of the Egyptian Commercial Service, revealed in an interview with Asharq Bloomberg in 2023 that Qatar is projected to invest nearly $1.5 billion in Egypt's industrial sector in 2024.
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