Egypt keen to promote trade relations with Pakistan

Islamabad: Ahmed Fadel Yakoub, ambassador of Egypt said that his country was keen to promote trade relations with Pakistan as both countries have good potential to do trade in many items with each other. He said given the size of economies of both countries, bilateral trade of around $200 million between Egypt and Pakistan was not reflective of their actual potential and serious efforts from both sides were needed to improve trade volume. He said this while talking to a delegation of Islamabad Chamber of Commerce & Industry (ICCI) that called on him led by its President Sheikh Amir Waheed.

Ahmed Fadel Yakoub said that Egyptian investors considered Pakistan’s construction sector a promising area for investment. He said an Egyptian investor has already invested $2 billion in a real estate project in Islamabad while more were looking for partners in Pakistan for investment and joint ventures. He said that China-Pakistan Economic Corridor would have positive implications for Egypt as it would lead to easy movement in Suez Canal. He said tourism was another potential area of cooperation between Egypt and Pakistan.

He said that Asia was emerging as a big market and Pakistan was an important country for Egypt to reap business and economic benefits from this region. He said Pakistan and Egypt have great prospects for developing cooperation in many fields and establishing direct contacts between the entrepreneurs of both countries was way forward to realise these objectives.