23.8% increase in Egypt-Spain trade exchange during 9M 2021

Newspaper Title: https://dailynewsegypt.com/

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Wednesday - 1 December 2021

Nevine Gamea, Egypt’s Minister of Trade and Industry, has met with her Spanish counterpart Chiana Mendes, on the sidelines of their participation in the Egyptian-Spanish Business Forum. 

Gamea said that the trade exchange between Egypt and Spain amounted to about $1.96bn during the first 9 months (9M) of this year, compared to $1.58bn in the same period, with a growth rate of 23.8%.

She pointed out that the most important projects implemented by Spanish companies in Egypt, especially those financed within the framework of the financial cooperation protocol between the two countries, and the advantages offered by the protocol in the areas of financing feasibility studies and providing technical support for a number of projects in the priority sectors of the Egyptian state, which include the energy sectors, were also reviewed.

Gamea noted that the available investment opportunities in the Suez Canal Economic Zone were discussed, as well as investment opportunities in the fields of operating and developing ports, inviting Spanish companies to invest in Egypt in the field of petrochemicals, especially in light of the large projects proposed by the Ministry of Petroleum and the Petrochemical Holding Company.

Gamea invited Spanish companies and major distribution chains to participate in the Food Africa exhibition, which will be held in Cairo between 12-14 December.

For her part, Chiana Mendes affirmed her country’s keenness to strengthen the frameworks of joint cooperation with Egypt, as it is one of the most important active economies in the Middle East and Africa, pointing out that the current visit of the Spanish Prime Minister to Cairo reflects the depth of the joint relations between the two countries, as well as the firm desire to achieving a qualitative leap in these relations in all fields and at all levels.

She pointed to the importance of benefiting from the huge potentials enjoyed by the economies of the two countries, in increasing the rates of intra-regional trade, as well as achieving more communication between the private sector in the two countries, which contributes to finding investment partnerships that enhance the level of joint economic relations.