The Federation of Egyptian Chambers of Commerce (FEDCOC) has held a series of intensive international meetings to develop commodity exports and open new markets for Egyptian products.
The meetings also sought to develop tourism relations with countries that have begun to allow travel to Egypt.
The remarks were made by Ibrahim El-Araby, President of the FEDCOC and Head of the Union of African Chambers of Commerce, Industry, Agriculture and Professions (UACCIAP). The meetings also aim to attract new foreign direct investments (FDIs) to the Egyptian market.
El-Araby added that these meetings come within the framework of the FEDCOC’s plan to support the national economy as Egypt enters a third wave of the novel coronavirus (COVID-19) pandemic.
He said that these activities included the organisation of the Egyptian-Kazakhstan Business Forum in Sharm El-Sheikh, which took place in the presence of the South Sinai Governor and the Deputy Trade Ministers from both sides. Also in attendance at the forum were 120 Kazakh companies.
Other activities include the organisation of the Egyptian-Croatian Business Forum in the presence of the two countries’ Ministers of Foreign Affairs, and 40 Croatian companies. This was in addition to the Egyptian-Guinea Business Forum, which was held in the presence of the Ministers of Foreign Affairs and Electricity.
Additionally, over 10 virtual international conferences and exhibitions were held with China, the European Union (EU), Ukraine, South Korea, and member states of the UACCIAP.
These events offer direct investment opportunities and joint investment, whilst highlighting Egypt’s comparative advantages as an industrialisation export hub to free trade zones.
During the FEDCOC meetings, the use of the Suez Canal corridor as a global logistics center was also discussed.
El-Araby added that more international events will be held in the coming period. The FEDCOC will participate this month with a delegation of 20 companies in the Egyptian Products Exhibition, which will take place in the South Sudanese capital, Juba, to open other markets up to Egyptian products.
Furthermore, an Egyptian-African delegation will participate in the fourth Belarus-African conference and exhibition in Minsk. This is set to discuss opportunities for using Egypt as a manufacturing base for exporting Belarusian products to African markets. This will take place within the framework of the African Continental Free Trade Area (AfCFTA).
In June, the FEDCOC will participate in organising the Egyptian-Polish Business Forum in the presence of the deputy foreign ministers from both countries and 25 Polish companies seeking to invest in Egypt. The companies are working in the fields of digital economy, transport, logistics, and industry.
Signing an agreement to establish a Polish industrial zone in the Suez Canal axis is also expected to happen soon.
The FEDCOC will also organise the Egyptian-Ukrainian Business Forum in cooperation with the Federation of Ukrainian Chambers. This will take place on the sidelines of the eighth meeting of the Ministerial Committee for Economic and Scientific Cooperation.
It will occur in the presence of the Ministers of International Cooperation from both sides. Additionally, a delegation of Egyptian companies will travel to Ukraine and Kazakhstan, with the aim of working to promote Egyptian exports, attract new investments, and support the tourism sector.