ICEC

Cyprus’ Medochemie eyes EUR 25mn drug manufacturing flagship in Egypt

Cypriot pharmaceutical company Medochemie is conducting feasibility studies to establish a EUR 25 million project for drug manufacturing in the Suez Canal Economic Zone on a 10,000-square-metre plot of land, the company announced at a meeting with Egyptian Trade and Industry Minister Tarek Qabil in Nicosia, according to a ministry statement.

The coming period will see a flow of Cypriot investments in fish farming, medicine manufacturing and agricultural production, Qabil said.

The minister met with a number of representatives from major Cypriot companies in Nicosia after the Cyprus-Egypt Business Forum was held on Monday. The forum was attended by Egyptian President Abdel Fattah al-Sisi and his Cypriot counterpart Nicos Anastasiades

Kabil invited Evgenios Evgeniou– the CEO of PwC, which manages 40 Cypriot and foreign investment funds– to hold a conference to present investment opportunities in Egypt to representatives of investment funds managed by PwC.

“The agreement in viewpoints between the leaders of [Egypt and Cyprus] paves the way for a qualitative leap in the level of joint economic relations in the coming period,” Qabil told Cypriot press.

Sisi, Anastasiades and Greek Prime Minister Alexis Tsipras held a tripartite summit in the Cypriot capital on Tuesday.

Kabil told the press that Egyptian commodity exports to Cyprus surged by 88 percent year-on-year in the first seven months of 2017 to EUR 22.5 million.

These include plastic, vegetables and fruits, steel, cables, chemical products and furniture.

Egyptian imports from Cyprus increased by 147 percent year-on-year in the first seven months of the year to EUR 20 million.

Bilateral trade is valued at EUR 42.3 million in the first seven months of the year, compared with EUR 29 million in the same period last year.

Source: Ahram online

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