Egypt, Romania tackle enhancing economic, trade relations

Trade Minister Tarek Kabil discussed with his Romanian counterpart boosting cooperation between Egypt and Romania in all areas, especially in tourism, economic and commercial fields.

Kabil said that Egypt seeks to benefit from the Romania’s experience in the agriculture field and to have Romania as a strategic partner in supplying wheat to Egypt, as the country imports more than one million tons of wheat annually from the European country.

The minister has met with Romania’s Minister for Business Environment, Commerce and Entrepreneurship Stefan-Radu OPREA in Brussels on the sidelines of the 10th Union for the Mediterranean Trade Ministerial Conference.

Kabil stressed on the need to capitalize on the results of the joint economic committee’s meeting that took place in July in Romania’s capital Bucharest and resulted in the signing of five memoranda of understanding in the fields on agriculture, water resources and small- and medium-sized enterprises.

Kabil also stressed on the importance of enhancing trade ties between both countries, saying that trade exchange between the two sides stood at $617 million from January to November 2017.

Egypt’s exports to Romania increased to $124.3 million in the same period, up from $100.2 million in 2016, Kabil said, adding that Egypt’s most important exports to the European country include fertilizers, medications, cables, fruits, vegetables and plastic.

Kabil further said that Egypt is keen on increasing Romanian investments in Egypt, which currently stands at $18.3 million represented in 60 projects in the industry, services and information technology sectors.