Egypt open to more investments from Kazakhstan

CAIRO – 3 July 2017: Egypt is keen on promoting trade and investment relations with Kazakhstan to utilize the potential that both economies enjoy, Minister Tarek Kabil said Monday.

Kabil’s statements were part of his speech at a business forum hosted by Kazakhstan on Monday where 40 Kazakh companies and a number of Egyptian commodities, medicine and furniture companies, participated as a concomitant movement to increase investment.

Trade between Egypt and Kazakhstan is witnessing significant progress, as trade exchange increased up to 12.7 percent in 2016, representing $55.3 million, compared to $49 millions in 2015.

“The government has assigned 11 million square meters for industry purposes last year and they are targeting 15 million square meters in 2017 to reach a target of 60 million square meters by 2020,” the minister stated.

He added that the government plans to establish 21 industrial complexes in multiple sectors including leather, furniture and textiles industries.

The economic reform plan adopted by the Egyptian government resulted in improving economic indicators with the gross domestic product (GDP) growing by 4.3 percent in past fiscal year 2016/2017 (ended June 30) and investments jumping to LE 392 billion ($21.8 billion), of which private sector investments comprised 58 percent.

“Egypt currently is paying more attention to enforcing foreign direct investment (FDI) especially in the industrial sector- the main growth engine for economic growth,” he added.

Kabil also highlighted Egypt’s strategic and logistic location and its large market connecting Arab and African markets, in addition to the fascinating position of Suez Canal availing trade between Asia and Europe, which is an opportunity for Kazakhstan to make advantage of.