Thu, 18 Mar 2021 - 04:11 GMT
File – Minister of Supply Ali Moselhy
CAIRO - 18 March 2021: Supply and Internal Trade Minister Ali el Moselhi called on Ukrainian companies to engage in Egypt's project of reclaiming 1.5 million feddans.
Speaking during the opening session of the Egyptian-Ukrainian Business Forum on Thursday, Moselhi invited Ukrainian firms to invest in the Egyptian silos market and to use the Egyptian market as a hub for trading Ukrainian wheat.
There are unlimited opportunities to develop trade relations between both countries, he said, adding that more commodities could be added to the mixture of the Egyptian exports to Ukraine, a step that would help achieve a balance in the trade balance.
Trade balance between Egypt and Ukraine has hit about $1.8 billion in 2020, down from about $2.63 billion recorded in 2019, due to restrictions imposed on global trade by the coronavirus pandemic, Moselhi noted.
Speaking at the inaugural session of the Egyptian-Ukrainian Business Forum, Head of the General Federation of the Chambers of Commerce (FEDCOC) Ibrahim el Arabi said the federation will hold several joint economic events to push forward trade relations.
These events are aimed at luring Ukrainian investments to the Egyptian market, Arabi said in his speech which was read out by FEDCOC Secretary General Alaa Ezz.
Arabi pointed out that the current Ukrainian investments in Egypt have exceeded 400 million dollars in addition to the investments directed to the oil and gas excavation sectors which are estimated at more than 500 million dollars.
Some 727,000 Ukrainian tourists visited Egypt in 2020, putting Ukraine at the top of international markets sending tourists to the country, he said.
Egypt is Ukraine’s largest trade partner in Africa and the Middle East, a fact that will be further promoted after the Ukrainian companies use Egypt as a gateway to the African markets via joint manufacturing, he added.