Egypt eyes Kazakhstani investments in administrative capital

CAIRO – 9 June 2017: The Minister of Housing, Utilities and Urban Development, Mustafa Medbouli, discussed with Kazakhstan ambassador in Cairo on Friday possible cooperation in the areas of housing and urban development.

The proposed investments include the possibility of signing a bilateral cooperation protocol in different sectors of housing and urban development with special focus on investments in the new administrative capital.

Egypt welcomed the potential cooperation between the two countries; especially that Kazakhstan has a vital experience in establishing a new capital. This experience influenced Egypt’s establishment of a new administrative capital.

On February 26, President Abdel Fatah al-Sisi, visited Kazakhstan capital Astana. This was Sisi’s first visit to a Central Asian state, since he assumed the presidency in 2014.

During this visit, both presidents discussed increasing bilateral trade especially grain that Egypt imports and Kazakhstan exports in large amounts. Sisi’s visit was followed by a visit from an Egyptian delegation to learn about the country’s experience in establishing a new capital.

Kazakhstan Ambassador in Cairo said in an

interview

with The Astana Times on February 26, that the trade and economic cooperation between Kazakhstan and Egypt is promising and that Kazakhstan is interested in boosting bilateral trade and economic relations as well as increasing investment and economic cooperation.

The ambassador added that the most promising areas of trade, economic and investment cooperation are the pharmaceutical, textile and agro-industrial fields, tourism, space sphere and export of Kazakhstan wheat.

Furthermore, in February Kazakhstan lifted its ban on flights to Egypt that was put in place after a Russian passenger plane crashed in October 2015 after taking off from Sharm el-Sheikh.