Egypt, Lebanon to launch offshore firm for Egyptian exports in Africa next June

Egyptian trade ministry is set to finish launching the Egyptian-Lebanese company for enhancing Egyptian exports to Africa in June 2016, Head of Chemicals Export Council (CEC) said Saturday.

Speaking to Amwal Al Ghad, Khaled Abu El Makarem added that the company is set to be established with the capital of US$200,000.

The set-to-be-launched firm is an offshore one whose basic structure includes 14 shareholders—eight Egyptian businessmen and six Lebanese businessmen residing in Africa who have commercial companies with a long tradition in marketing and dealing with the African market.

The official added that Trade Minister Tarek Qabil agreed on the broad lines of establishing the company during his meeting to discuss preparations for the visit of a Lebanese delegation.

A mission of 40 large Lebanese companies is set to start its four-day visit to Egypt on 29 May in which it will visit some industrial zones, including 6th of October City, 10th of Ramadan, Badr, Sadat, and Borg Al-Arab in Alexandria.

During the visit, an Egyptian-Lebanese business forum is scheduled to take place with the participation of 200 businessmen from the two states.

By establishing the firm, the Egyptian ministry targets making use of the Lebanese expertise in promoting and dealing with African markets to boost the volume of Egyptian exports there, Abu El Makarem clarified.