Egypt signs MoUs with Vietnam in industry, investment sectors

Cairo – Egypt and Vietnam signed memoranda of understanding (MoUs) in the fields of maritime trade, manufacturing, boosting investment, fish farming and the establishment of ports and economic zones on Wednesday, according to a statement from the presidency.

At a press conference held in attendance with President Tran Dae Quang, president of the Socialist Republic of Vietnam, President Sisi discussed ways to enhance bilateral ties, and invited his Vietnamese counterpart to visit Egypt.

Following his participation at BRICS summit at China, President Sisi landed on Sunday in the Vietnamese capital of Hanoi, in his first-ever official visit to the Asian country since he assumed presidency in 2014.

Hailing the bilateral ties between the two nations, President Sisi thanked his counterpart for the warm welcome and hospitality, highlighted his hopes for furthering bilateral cooperation on all fronts, especially on the economic and trade field.

Sisi reviewed Egypt’s current economic developments, especially in light of the ongoing Egyptian giant economic projects such as the axis of the Suez Canal area, which is projected into an intentional economy shipping line linking the world together.

The pair tackled appropriate means to ward off terrorism. Sisi presented the Egyptian vision on the strategy of combating terrorism, which is not only confined to military front, but also entails an action on both the cultural and religious front.

President Abdel-Fattah El-Sisi signed  agreements during his visit to Vietnam, where he met with President Trần Đại Quang.

During the meeting, El-Sisi reviewed Egypt’s sustainable development strategy, measures taken to improve the business climate, and national projects under construction.

Egypt is looking to benefit from Vietnam’s experience in the fields of industry and trade, Sisi added.

The Vietnamese president said his country is keen to strengthen economic ties with Egypt, working to boost bilateral trade to reach $1 billion.

Earlier, In an official visit to Vietnam and Singapore from August 22 to 26, Minister of International Cooperation and Investment, Sahar Nasr, and Chairman of the Suez Canal Authority Mohab Mamesh targeted signing contracts and MoUs for the Suez Canal Economic Zone (SCZone).

During his four-day tour to Asia, Mamesh discussed with Vietnamese companies cooperating in the establishment of an international arsenal at the Adabiya area northwest the Gulf of Suez.

Egypt’s imports from Vietnam amount to $221.3 million annually and include fish, seafood, textiles, clothing, mobile phones, equipment, spare parts, and vehicles.

Vietnam imports chemicals, honey, petroleum products, dairy products, and textiles from Egypt at a value of $8.7 million per annum.