Portugal-Egypt trade not exceeding €200 mln, plans to boost it are underway

Egypt’s trade exchange with Portugal is still relatively low that has never exceeded €200 million ($236.8 million) per annum, said an Egyptian official on Thursday.

Egypt’s exports to Portugal have never been more than €60 million, compared to €140 million worth of its imports from Portugal, with the trade deficit heavily weigh on in favour of Egypt, said head of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed El-Wakeel.

El-Wakeel made these remarks on the sidelines of the Egyptian-Portuguese business forum, which takes places in Cairo this morning.

Egyptian Foreign Minister Sameh Shoukry has inaugurated the forum in the presence of his Portuguese counterpart Augusto Santos Silva and a delegation of 25 mega holding firms from Portugal as well as heads of Portuguese financial, trade development, and investment authorities.

The Portuguese delegation will meet with representatives of 170 Egyptian firms to explore investment opportunities in both countries, El-Wakeel said.