Australian Ambassador to Egypt Neil Hawkins announced that assessing Egypt’s investment opportunities will be the primary focus of the Australian government-private sector delegation visiting Egypt this week.
The delegation is composed of 40 representatives from the Australian government and private sector.
Hawkins made the announcement at a meeting on Friday with Minister of Investment Ashraf Salman, during which he invited the minister to attend the delegation’s deliberations.
Australia ranked 33rd among countries providing imports to Egypt in 2014, representing 0.6% of the total imports. It also ranked 74th among countries to which Egypt provides exports, according to reports from the Australian Department of Foreign Affairs and Trade.
In FY 2014/2015, Australian exports to Egypt were recorded at $362.7m, a 14.9% year-on-year growth. Imports from Egypt were recorded at $23.3m, a 4.1% decrease from the previous year
Major Australian exports to Egypt are wheat, vegetables, meat, wool and other animal fibres. Egyptian exports to Australia include food coverings, vehicles, lime, and construction.
The value of Australian investments in Egypt in the past fiscal year was $104m, while Egyptian investments in Australia registered $29.7m.
Australia suspended the exportation of livestock to Egypt in 2013 after a video surfaced depicting animal cruelty, allegedly filmed in an Egyptian slaughterhouse. In mid-2014, Australia began the exportation of livestock to Egypt was resumed.
The Egyptian government aims to increase the percentage of private sector investments to 75% in FY 2015/2016, seeking to register $10bn in Foreign Direct Investments (FDI).