Cairo, Paphos chambers of commerce sign protocol to boost trade

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Wed, 02 May 2018 - 03:09 GMT

BY

Wed, 02 May 2018 - 03:09 GMT

FILE- Trade

FILE- Trade

CAIRO – 2 May 2018: The Cairo Chamber of Commerce (CCC) and Cyprus’s Paphos Chamber of Commerce signed on Wednesday a cooperation protocol aimed at boosting trade and investment relations between Egypt and Cyprus, a statement from the CCC said.

Head of the CCC Ibrahim el-Araby said that Egypt is one of the biggest markets in the Middle East and North Africa (MENA) region, with a population of 100 million. He added that the country is working on diversifying its economy and enhancing the economy’s productivity.

For this reason, El-Araby said that Egypt seeks to establish strong partnerships with many international partners to boost development and investments.

He said that Egypt is implementing an economic reform program and working on eliminating obstacles that stand in the way of investors as well as offering incentives to investors though a new investment law that also guarantees investors’ rights.

Besides a sizable market, Egypt is distinguished with signing trade agreements with many countries that would help export activities and an abundance of labor, Al-Araby said.

The Cypriot delegation included several sectors such as real estate, mining, health, energy, agriculture, logistics and transportation, among others.

The head of Paphos Chamber of Commerce said that the protocol will help in developing trade and economic relations between Egypt and Cyprus, expressing Cyprus’ keenness on boosting trade relations with Egypt in the coming period.

Trade exchange between Egypt and Cyprus reached €45 million in 2017 including €33 million in exports and €12 million in imports, Trade Minister Tarek Kabil said in a statement on Monday.

Egyptian exports to the Cypriot market increased by 81.5 percent in 2017, reaching €33 million, compared to €18.2 million in 2016, according to Kabil.

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