Egypt hosts first EGY-GCC Business Forum to boost economic cooperation

Daily News Egypt
2 Min Read

The first EGY-GCC Business Forum was inaugurated by Egypt’s Minister of Trade and Industry Ahmed Samir, who welcomed the leaders of governments, chambers of commerce, finance and business from the Gulf Cooperation Council (GCC) countries. 

Samir said that the forum was an important platform for dialogue and exchange of experiences with their Egyptian counterparts in various areas, such as joint manufacturing, investment promotion, trade development, agriculture and food processing, transportation and logistics, tourism, electricity, oil and gas networks, and resource integration. He added that the forum aimed to deepen cooperation in facing the challenges of the global economic crises.

Samir also highlighted the opportunities for cooperation in the field of joint industrialisation, which would meet the needs of the Egyptian and Gulf markets. He invited the Gulf private sector to explore the industrial investment opportunities in each country, based on their relative advantages. He also emphasized the benefits of the state ownership policy, which would allow the Egyptian state to exit many sectors within three years and offer its investments for partnership through various mechanisms. He mentioned the projects and assets that were being offered through The Sovereign Fund of Egypt (TSFE) as well.

The Omani Minister of Commerce, Industry, and Investment Promotion Qais Mohammed Al Yousef praised the strategic relations between Egypt and the GCC countries. He stressed the need for holding a regular annual meeting for the forum to implement its recommendations, find technical solutions, and establish a platform between the Arab chambers to present tenders and investment opportunities in Egypt and the GCC countries.

The Secretary General of the GCC, Jasem Mohamed Albudaiwi, presented the indicators of cooperation between Egypt and the GCC countries, such as the trade volume of about $34bn in 2022, the investment volume of $33bn, and the tourism inflow of 2 million tourists from the GCC countries to Egypt.

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