Egypt in talks with Qatar over $3bln of investments: Finance Minister

Newspaper Title: https://dailynewsegypt.com/

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Tuesday - 28 June 2022

Egypt is currently negotiating with Qatar on new investments ranging between $2bn-3bn, Minister of Finance Mohamed Maait announced on Monday.

The minister also expected that the remittances of Egyptians abroad will reach about $31bn-32bn by the end of the current FY.

Maait added during the annual meeting of the American Chamber of Commerce in Cairo that Egypt exported petroleum products at a value of about $5.9bn in the first half (1H) of the year, while its imports reached $7.9bn, bringing the net value of importing petroleum products to $2bn.

Regarding non-oil commodity imports and exports, the minister said that Egypt imported non-oil commodities worth $34bn, and it exported $21bn-worth of goods.

He also pointed out that exports of chemicals, building materials, and petroleum materials achieved significant growth over the past months.

For his part, Tarek Tawfik — President of the American Chamber of Commerce in Cairo — said that the time has come for the private sector to take over the leadership of the Egyptian economy after the government announced the state ownership document, which will give more room for investors.

He stressed that the Egyptian economy possesses enormous capabilities and ingredients and is characterised by flexibility and diversity, which qualifies it to absorb all economic activities.