Egypt eager to invest $1 billion in Pakistan

Published: October 17, 2019
A US Dollar note is seen in this Reuters illustration photo.

A US Dollar note is seen in this Reuters illustration photo.

RAWALPINDI: Egypt is keen to invest $1 billion in Pakistan over the next one year in different sectors including energy, infrastructure, halal food and tourism, said Egyptian Ambassador Ahmed Fadel Yacoub.

Speaking at the Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday, the envoy said bilateral trade had been on an uptrend and it currently stood at $260 million per annum compared to $200 million last year.

“Both countries are enjoying good relations and there is a need to further increase exchange of delegations and information,” he said.

The envoy told the meeting that Egypt would be declared Hepatitis-free country by 2020 and urged Pakistan businessmen to establish joint ventures in pharmaceutical and health sectors.

He stressed that Egypt could help Pakistan completely get rid of Hepatitis C.

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

Ministry of Commerce Joint Secretary Maria Kazi said special incentives would be provided to Pakistani companies through a new strategic trade policy framework for participating in trade fairs in Africa under the ‘Look Africa’ initiative. She urged the private sector to focus on exporting a higher volume of merchandise to Africa.

Published in The Express Tribune, October 17th, 2019.

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Reader Comments (1)

  • Fayyaz Muhammad
    Oct 17, 2019 - 12:34PM

    Incentives for Pakistani companies is every country’s citizenship first and foremost right. Every right has its responsibilities and boundaries which should be protected for the sake of the people. Ethical values need to be promoted in pharmaceutical set ups because over doses or high potency drugs do more harm than any good to the suffering patient. On Egyptian offer of investment, Egyptian doctors, surgeons are famous throughout the world better than Chinese as their is promise of ‘halal’ products which suit our country.Recommend

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