Iraqi investors offer Egyptian peers partnerships in Iraq

CAIRO – 28 November 2020: Head of Industry Committee at the Egyptian Businessmen Association Magd Al Din al-Manzalawy told Egypt Today a number of Iraqi companies have requested to establish partnerships with Egyptian peers in Iraq.

The businessman added that the association has prepared a list of those companies, which mainly want launching new ventures and upgrading existing plants across various sectors.

Manzalawhy revealed that a meeting is being organized for the Iraqi investors to meet with the chairman of the Industrial Development Authority in order to coordinate possible joint projects.

The businessman said that the Investors Chamber at the General Union of Chambers of Commerce suggests holding a conference in the second quarter of 2021 and inviting 100 major global companies for them to be introduced to investment opportunities in Egypt.

Manzalawy underlined that Egypt has not received the size of foreign investments that match its competitiveness in so many aspects. He also pointed out that exports of manufactured goods must be boosted, if the state really wants to achieve $100 billion in exports in 3-4 years as agricultural exports cannot be relied upon to achieve that goal.

The value of Egypt's exports in 2019 is $30.5 billion increasing by 4.1% from $29.3 billion in 2018.