Egypt keen on investing $1 bn in Pakistan

RAWALPINDI: Egypt keen on investing $1b in Pakistan over the next one year in different sectors, mainly in energy, building, Pharmaceutical, Halal Food and Tourism. The bilateral trade has an increasing trend, $260 million as compared to last year’s $200 million. Both countries are enjoying good relations and there is need to further increase the bilateral exchange of delegation programme and information.

These remarks were made by Egypt Ambassador Yaqoob during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Wednesday. He was accompanied by 16 members trade delegation headed by Ahmed Anter, Frist Undersecretary, and Head of Egyptian commercial service.

The envoy informed that Egypt will be declared Hepatitis free country by 2020 and urged Pakistan for joint ventures in Pharmaceutical and health sector. Egypt can help Pakistan to get rid of Hepatitis C. There is a need to have enhanced Pak-Egypt cooperation in the area of healthcare, he added. He lauded RCCI efforts in promoting trade ties between the two countries and also showed willingness to be part of the RCCI Int’l Rawal Expo 2020 in March next year.

First joint working group has been established between Pakistan and Egypt, and I hope, we can explore more opportunities here, the ambassador further added.

Maria Kazi, Joint Secretary, Ministry of Commerce, who was also a part of delegation, in her address said that special incentives would be provided to Pakistani companies through new strategic trade policy framework for participating in trade fairs in Africa, under Look Africa initiative.

She said Pakistan’s exports to Africa were confined to few products, including rice, pharmaceuticals, cement, textiles, surgical and sports goods and urged that private sector should focus on exporting more products to Africa. She lauded RCCI efforts for promoting trade activities and appreciated its efforts for organising Business Africa Forum earlier this year in Islamabad. She assured support and assistance to RCCI for organising trade exhibitions in region.

Saboor Malik, on this occasion, said that African countries are the non-traditional markets for Pakistan’s exports and have huge potentials for enhancing of exports. Chamber while organising business to business meetings provided a platform to traders to explore new markets. Sohial Altaf, group leader, said that there is huge potential in Halal food between the two countries.