Trade exchange bet. Egypt, Kazakhstan reaches $97.7M in 2019

CAIRO – 8 February 2021: Trade Exchange between Egypt and Kazakhstan hit about $ 97.7 million in 2019, according to Minister of Trade and Industry Nevine Gamea.

Gamea affirmed that Egypt and Kazakhstan have distinguished political relations and close historical ties that qualify them to advance the joint economic cooperation system to distinct levels, pointing to the pivotal role of the business communities in the two countries in translating all commercial and investment opportunities available in the two countries for concrete cooperation projects that benefit both the Egyptian and Kazakh economies. 

This came in the minister's speech delivered on her behalf by Ibrahim Al-Sigini, Assistant Minister of Trade and Industry for Economic Affairs during the activities of the Egyptian-Kazakh Business Forum held in Sharm El-Sheikh.

The minister said that holding this forum despite the exceptional circumstances and current challenges that the world is going through due to the spread of the Coronavirus "Covid-19" reflects the keenness of thegovernments and business circles in Egypt and Kazakhstan to develop economic relations between the two countries in various economic fields.

Gamea pointed to the importance of activating joint action at the regional and global levels to confront the decline in global economic growth rates due to the repercussions of the coronavirus, noting that the Egyptian state has implemented successful economic precautionary measures and with the testimony of international economic institutions that have contributed to achieving positive growth rates and achieving a balance between continuing economic activities, and preserving the public health of citizens.

She added that the most important economic measures implemented by the government included facilitating customs clearance processes, reducing the time of examination procedures and laboratory control of exports by an average of 20-72 hours, in addition to granting facilities for loan repayment, canceling interest on payment arrears, extending work with licenses and expired industrial records, as well as granting a deadline Free for all lands and industrial units without charging the investor fees or standard costs in addition to reducing gas and electricity prices for the industrial sector.

The minister explained that there are great opportunities for developing joint economic cooperation between the two countries during the next stage, especially in light of the distinguished bilateral relations that link Cairo and Astana and the ongoing negotiations to sign a free trade agreement between Egypt and the countries of the European Union, which includes Kazakhstan in its membership, as the agreement will contribute to granting customs exemptions and competitive advantages for the exchanged products traded in the Egyptian and Kazakh markets.