Home / BUSINESS / Romania-Egypt trade exchanges to reach USD 1 bn on short term
Romania-Egypt trade exchanges to reach USD 1 bn on short term

Romania-Egypt trade exchanges to reach USD 1 bn on short term

During the visit paid by the Minister for the Business Environment Commerce and Entrepreneurship, Ilan Laufer to Egypt, it was agreed an action plan to achieve a short-term USD 1 billion bilateral trade, as a press release informs on Sunday. So Egypt remains one of Romania’s most important trading partners in Africa and the Middle East.

Dr. Ayman Aly Osman HASSAN, Minister Plenipotentiary for Economic and Commercial Affairs, Embassy of the Arab Republic of Egypt in Bucharest, talked about this economic mission headed by Ilan Laufer in an exclusive interview for The Romania Journal.

”On the first day of the official visit to Cairo, the R2omanian dignitary had a meeting with Sahar Nasr, Minister of Investment and International Cooperation, presenting the recent results of the Romanian economy, highlighting the growth rate of GDP by 7 percent in the first nine of 2017. It was appreciated the increased dynamics of bilateral high-level contacts this year, the Romanian companies’ interest was reaffirmed  for their active involvement in the implementation of Egyptian development programs and, at the same time, the Egyptian businessmen were encouraged to invest in Romania , especially in production, agriculture or tourism,” the release also reads.

According to Laufer, the two countries are in a good time to intensify bilateral cooperation.

”It’s important to focus on commercial opportunities of interest, industrial products with a high degree of processing such as petrochemicals, rolling stock, energy equipment, etc. Egypt will remain a market with significant potential for Romanian exports, given the geographical proximity, traditional trade relations and the increased interest of Romanian companies for this market,” Romanian minister stated.

The two dignitaries decided to finalize the memorandums of understanding that are still in progress, in addition to those already signed (SMEs, investments, agriculture, water resources, cooperation between the Constanta Port Administration and the Alexandria Port), as agreed in the Joint Economic Cooperation Committee held in Bucharest last July, as well as the further development of the bilateral dialogue at government level, an important signal for the business sectors of both countries.

At the end of the first day of the official visit to Egypt, Minister Ilan Laufer met with Tawfik Diab, CEO & Co-founder Pico Group, one of Egypt’s largest private companies, discussing the current stage of Pico Group’s investments and prospects for expansion on the Romanian market and in other sectors such as agriculture, food industry, real estate, etc. ES Mihai Stuparu, Ambassador of Romania to the Arab Republic of Egypt has also attended the meeting.

Official data shows that in the first nine months of 2017, Romanian exports to Egypt reached USD 378 million, being Romania’s second partner in Africa and the Middle East.


About Anca Bernovici