Trade and Industry Minister Nevine Gamea announced Monday a decision to reconstitute the Egyptian side of the Egyptian-Spanish Business Council, to be headed by Maged El-Menshawy, the chairman of the board of directors of MINAPHARM Pharmaceuticals.

As per a ministerial decree, the term of members representing the Egyptian side in the council is three years. The Egyptian side is obliged to submit a semi-annual report to the trade minister on its activities, efforts and suggestions to develop economic relations with Spain, the decree said.

The relevant Egyptian authorities, Egyptian embassies and commercial offices should assist the council in performing its duties, according to the decision.

Gamea said that the volume of trade exchange between Egypt and Spain jumped 29 percent to reach $2.851 billion in 2021, compared with $2.211 billion in 2020.

The minister noted the new members representing the Egyptian side include a collection of cadres and experts in economic cooperation with Spain, pointing to high-level visits exchanged between the two sides in the past, the last of which was a trip by the Spanish prime minister to Egypt in December.