Encouraging investments, economic relations between Egypt, Kazakhstan reinforced: Minister of Finance

Daily News Egypt
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In a meeting with Khairat Lama Sharif — Kazakhstan’s Ambassador in Cairo — Minister of Finance Mohamed Maait affirmed Egypt’s keenness to strengthening economic and trade relations with Kazakhstan in a way that is conducive to the historical ties between the two peoples.

He stressed that this is especially important given that this year coincides with the 30th anniversary of the establishment of diplomatic relations between the two countries.

The minister also explained that Egypt is keen to reach an agreement to avoid double taxation between the two countries in a manner that contributes to increasing investments as well as enhancing cooperation in the field of customs.

This aims to facilitate the circulation of goods and merchandise between the two countries as well as create a joint periodic dialogue between the two Ministries of Finance.

Furthermore, Maait pointed out the importance of establishing joint links between businessmen in the two countries through the chambers of commerce and the councils and associations of joint businessmen. This ensures permanent communication and an increase in the volume of trade exchange.

He stressed that the reform measures taken by the government have improved economic performance and contributed to increasing foreign investments and operating rates, especially in light of the digital transformation plan, governance and mechanisation of procedures and facilitating them, and reducing the time and cost of obtaining licenses of lands and facilities necessary for investment projects in Egypt.

For his part, Sharif praised the cooperation between the two countries as South Sinai is one of the most prominent Egyptian tourist destinations for citizens of his country.

The number of Kazakh tourists that come to Egypt annually is estimated to be 150,000. He stressed that his country seeks to expand bilateral cooperation to utilise investment opportunities in the two countries, which would allow increasing the volume of trade exchange through the export of Egyptian agricultural commodities and fish, which are very popular with the Kazakh people, and his country’s export of wheat and wool, as well as the establishment of a joint industrial zone.

The meeting was also attended by Reda Abdel Qader, Head of the Tax Authority; Shahat Ghaturi, Head of the Customs Authority; Hossam Hussein, Adviser to the Minister for External Relations; Nesreen Lashin, Head of the Investors Support Unit; Mohamed Ibrahim, Assistant Minister for Political and Economic Affairs; and Hanan Khalaf, Director General of International Taxation at the Department taxes.

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