Philippines, Egypt to establish business council by year-end

By Yomna Yasser On Jul 18, 2016

This year, the Philippines is celebrating 70 years of relations with Egypt, along with its 118th anniversary of independence.

The Philippines is expected to be the sixth-fastest growing economy in the world, according to the British Knight Frank consultancy and a Citi Private Bank report in 2012. Ever since 2010, the country has been undergoing multi-sectoral reforms.

In May 2014, the Federation of Egyptian Chambers of Commerce (FEDCOC) signed a Memorandum of Understanding (MoU) on trade cooperation with the Philippine Chamber of Commerce and Industry. One of the objectives of the MoU is to establish a business council in order to set up an institutional framework to boost trade and increase the awareness of both Filipino and Egyptian businessmen.

“Hopefully the business council will be established and fully functional by the end of this year.” In an interview with Daily News Egypt, the Philippines ambassador to Egypt, Leslie J. Baja.

It is being established to lead the way in promoting trade and investments between the two countries, and to provide the necessary framework required in order to increase the two-way flow of trade traffic.

Asked about any current Filipino investments in the country and upcoming plans, the ambassador said: “Currently, there are no investments, but a possible cooperation in the Suez Canal Area Development Project, since both the Philippines and Egypt are maritime countries.”

“The Philippines has a lot of experience in maritime industries, such as shipbuilding and other related downstream industries. We are looking at these possibilities. In fact, we are thinking of organising an economic seminar this September.”

Philippines will organise this seminar with FEDCOC to project the prospects and opportunities that the Philippines can offer to the Egyptian business community.

“For the seminar in September, we intend to bring speakers that can spark the interest of Egyptian businessmen to go to the Philippines.”

Source: Daily News Egypt