Egypt, Portugal approve final formation of Egyptian-Portuguese business council

Minister of Trade and Industry Tareq Qabil and Portuguese Minister of State for Globalization Wrico Dias approved on Thursday the final formation of the Egyptian-Portuguese business council.

During an extended meeting at the premises of the ministry, Qabil said that Egypt and Portugal have political, economic and strategic ties in the different domains.

Qabil said that the visit of Egyptian President Abdel Fattah El Sisi to Portugual in 2016 turned a new leaf in the bilateral ties between both countries.

The formation of the council comes within the framework of the ministry’s keenness on promoting commercial and investment ties between Egypt and Portugal in the coming stage, Qabil said.

Qabil pointed out to the importance of activating the role of the council to boost investment partnership between both countries via coordinating with Portuguese private sector to establish joint projects that would contribute to economic ties between both states.

Qabil reiterated the importance of boosting bilateral, economic and commercial ties between Egypt and Portugal, adding that the relations between both countries set a successful example for cooperation between them.

There are huge cooperation opportunities between Egypt and Portugal in the fields of the industries of leather and textile, cars, furniture, machines, equipment, communication and information technology, renewable energy, infrastructure, food products, logistics, agriculture and construction, he said.

Qabil said that Egypt and Portugal represent two important trade axes in Africa, Europe and Latin America.

The volume of trade exchange between Egypt and Portugal increased to 218 million euros in 2017, he added.

Egypt exports several goods to Portugal including leather, steel, cotton, plastic, fertilizers and sugar, while it imports paper, petroleum, furniture and industrial equipment from it, said he.

Qabil said that the Portuguese investment in Egypt hit 404.7 million dollars.

Meanwhile, Dias said that his visit to Egypt comes to prepare for the visit of Portuguese president to Egypt in first half of 2018.

He also said that the meeting reviewed the important investment opportunities in Egypt especially in the field of leather industries.

Dias invited Qabil to visit Portugal as soon as possible to get acquainted with the aspects of economic cooperation between both countries in the coming stage.

Dias shed light on the role of the Egyptian-Portuguese business council in developing investment and commercial ties between both states. (MENA)