Trade exchange between Egypt, Spain surge 16.9% in first 8 months of 2017

The volume of Trade exchange between Egypt and Spain has increased 16.9 in the first 8 months of 2017, reaching €1.6 billion ($1.88 billion), compared to €1.37 billion during same period of 2016, Trade Minister Tarek Qabil said Saturday.

Qabil attributed the rise in the bilateral trade to the 75 percent hike in Egyptian exports to Spain to hit €779.8 million, compared to €443.8 million in the corresponding period last year.

Meanwhile, Egypt’s imports from Spain during the same period recorded €823.5 million, down from €929 million last year.

The minister affirmed the government’s keenness on enhancing and developing bilateral trade and economic relations with Spain, particularly in regards to trade exchange and improving business environment to attract more investments.

Qabil met on Saturday with Spain’s Secretary for Trade Maria Luisa on the sidelines of the 11th ministerial conference of the World Trade Organization (MC11), which is set to take place from 10 to 13 December in Buenos Aires, Argentina.

Qabil announced that Spain’s investments in Egypt have increased, amounting to $947 million in 193 projects, particularly in the industrial sector with a share of 89.3 percent out of total Spanish investments. Other sectors include Tourism, services and finance.

For her part the Spanish secretary state for Trade Mari Luisa said Spain is looking for broadening economic bilateral trade with Egypt, which is an important strategic partner for Spain in the Middle East and North Africa (MENA) region.

She said that the coming period will witness bigger cooperation between the two countries.

Kabil is scheduled to address a speech during the conference as well as holding discussions with a number of trade ministers attending the conference.

Moreover, the minister also shed the light on the importance of maximizing the benefit from the funds provided by the Spanish company COFIDES to Egypt. The company is financing two projects in Egypt, first is €25 million for big Spanish companies that are interested to invest in the country, and the second is €5 million directed to small and medium Spanish companies.