Macedonia, Egypt to activate double taxation avoidance pacts

Egypt and Macedonia are planning to activate joint deals related to the avoidance of double taxation amid plans to boost volume of mutual trade cooperation.

Ashraf Salman – Egyptian Investment Minister – and Bill Pavleski – Macedonian Minister in charge of attracting foreign investment – have discussed Wednesday means of enhancing bilateral cooperation between Cairo and Skopje.

The two parties talked over signing bilateral agreements on the avoidance of double taxation as well as an agreement to encourage and protect investments to boost investment and trade cooperation between Egypt and Macedonia.

Salman and Pavleski have also reviewed means of exchanging expertise and cooperation in the field of establishing industrial zones and chains, notably in automotive field as well as agriculture and pharmaceutical fields.

During the meeting, the Egyptian minister showcased a number of infrastructure projects; roads, power plants, One Million Feddan projects in addition to others, executed by the Egyptian government to lower unemployment rates and increase the growth rates.

Egypt’s growth rates have hit 4.2% during the fiscal year 2014-15 opposed to 2.2% in FY 2013-14.

Salman further presented the Egyptian experience in enhancing the economy and increasing the economic growth through implementing a number of large projects such as the New Suez Canal that has been executed within one year.

On other side, the Macedonian minister has invited Salman to visit Macedonia heading an investment delegation to discuss investment opportunities and boost the bilateral cooperation between Egypt and Macedonia.