1,360 Lebanese firms invest $1.2bln in Egypt- GAFI CEO

The total volume of Lebanese investments in Egypt is estimated at US$1.2 billion pounds, CEO of Egyptian General Authority For Investment and Free Zones (GAFI), Mohamed Khodair stated Thursday.

He added that Lebanon is at the 13th place among foreign states investing in Egypt since the number of Lebanese firms working in the Egyptian market is 1,360.

The 1,360 firms are working in financial, banking, pharmaceuticals, and cables manufacturing fields, the official clarified.

He made these remarks during his meeting with the Egyptian Lebanese Businessmen Friendship Association (Elba) to discuss means of enhancing economic and investment cooperation between Egypt and Lebanon.

Khodair emphasised on the importance of attracting more new investments to different fields notably chemicals industries, agribusiness, as well as religious and medical tourism ones.

Moreover, CEO Khodair asserted that the Egyptian government keens on enhancing private sector role in injecting new investments as it is a main partner in Egypt’s future development plans to reach targeted growth rates.