39 companies from Mercosur countries invest 42 mln in Egypt

Egypt has about 39 companies from Mercosur countries with investments amounting to 42 million dollars, Ahmed Antar, head of the Egyptian Commercial Service.

He said relations between Egypt and Mercosur countries witnessed a boost thanks to the support of President Abdel Fattah El Sisi and Brazilian President Michel Temer during their meeting on the sidelines of Mercosur summit in September 2017.

Within 10 years, there will be free trade between Egypt and Mercosur countries, which groups Brazil, Argentina, Paraguay and Uruguay, Brazilian Ambassador to Egypt Ruy Amaral said.

In a conference organized by the Food Export Council in cooperation with the Egyptian Commercial Service and Export Development Authority, the Brazilian diplomat said Mercosur agreement allows now the entry of a number products without customs tariff and within years more commodities will be exempted from custom duties.

On economic relations, the envoy said the Brazilian exports to Egypt hit 2.4 billion dollars in 2016 with a 41 percent increase over 2015.

He described the Arab-Brazilian chamber of commerce, which was established 60 years ago, as a link between Egypt and Brazil, saying it has helped promote relations between the two sides.

The Brazilian diplomat praised the development in Egypt’s economy which, he said, achieved growth estimated at 4.5 percent last year and is expected to reach about 5 percent later.