Fayez Ezz El Din, Head of the Canadian Chamber of Commerce in Egypt, has revealed that a number of Canadian companies halted their investments in the Egyptian market on account of the security and political instability; referring that the Canadian Company “Hatch”, is a global multidisciplinary management, engineering and development consultancy, postponed entering the Egyptian market till restoring security.
During the meeting of the chamber convened yesterday, Ezz El Din elaborated that the Canadian investments are ready to enter the Egyptian market but if the security restored; stressing the role of the Canadian Chamber in coordinating with other countries to attract foreign investments to the Egyptian market.
On his part, Dr Amir Dallala, MD of Intercap Venture Partner Inc. in Montreal, said the Egyptian government has to facilitate the procedures so that it can attract investments; pointing out that increasing the Canadian investments in the Egyptian market will attract numerous foreign companies to enter the Egyptian market.
60% of the factories and companies in Canada owned by persons, Dallala said; referring that Canada is one of the most important industrial countries in the world because the government there facilitates the procedures for establishing companies in addition to its constitution, which protect the owners and the investments in the Canadian market.
He added that Egypt has constituents that can attract many investments to the Egyptian market, like the low taxes, compared to other countries in which the taxes reach 50-60%.
It is worth referring that the Canadian Company “Hatch” has announced that it inaugurated its office in Egypt in 2011; paving the way for expanding inside Africa through Egypt, but due to the incidents and political turmoil the company deferred its investments in the Egyptian market.