Portuguese investments in Egypt worth €404M : Trade Minister

The total volume of Portuguese investments in Egypt is estimated at around €404 million in ready-made clothes and communication and information technology sectors.

Trade Minister Tarek Qabil announced Monday that the current visit of Egypt’s President Abdel Fattah al-Sisi to Portugal is set to enhance Egyptian-Portuguese ties in all fields notably trade and investments.

Qabil added that by enhancing trade and economic relations with Portugal, Egypt’s ties with Portuguese-speaking African countries and states of Mercosur bloc would be strengthened. Mercosur bloc state members are Argentina, Brazil, Paraguay, Uruguay and Venezuela.

In August 2010, Mercosur bloc signed a free trade agreement with Egypt.

The minister stated that trade exchange between Egypt and Portugal recorded €194 million in 2015; 60 percent of which are Portuguese exports and 40 percent are Egyptian exports.

The total Egyptian exports to Portugal increased in 2015 to represent 70 percent of total mutual trade volume while Portuguese imports to Egypt represented 30 percent, Qabil pointed out.

Egypt, Portugal are currently in talks on a number of important economic topics to deepen trade and investment joint cooperation notably forming an Egyptian-Portuguese business council.

Minister Qabil clarified that the business council is set to include leather, automotive spare parts, marble, granite, cables, renewable energy, and construction sectors.

Both states are also in talks on organising visits of Portuguese businessmen to Egypt so as to showcase available investment opportunities, Qabil said.

The Egyptian-Portuguese discussions would focus on means of enhancing mutual investments, Qabil pointed out, saying that a number of meetings between Egyptian and Portuguese businessmen are set to be held to showcase investment opportunities available in Egyptian leather, weaving and textiles, as well as communication and information technology sectors.