'Trade with Egypt can go from $232m to $2b'

LCCI president highlights new opportunities, Egyptian envoy points to Suez Canal Zone for investment

LAHORE:

Pakistan aims to enhance bilateral trade with Egypt to $2 billion from the current $232 million, as both countries explore stronger economic ties under the "Look Africa" policy.

The target was outlined during Egyptian Ambassador Dr Ihab Abdelhamid's visit to the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday.

According to a statement, LCCI President Faheemur Rehman Saigol said there is a need to further strengthen trade relations between Pakistan and Egypt. Under Pakistan's "Look Africa" policy, Egypt holds a highly important position as a key partner. He noted that current bilateral trade stands at around $232 million, which is far below the true potential. Pakistani products have strong market opportunities in Egypt, and exploring new markets is essential to increasing exports.

He added that there are significant opportunities for cooperation in the tourism sector. Egyptian investors can explore investment in Pakistan's hotels, food streets, and recreational parks. The LCCI assured full support in facilitating such initiatives.

Ambassador Abdelhamid stated that Pakistan and Egypt share longstanding and deeply rooted relations — religiously, culturally, and economically. He emphasised that Lahore is the economic and cultural hub of Pakistan, and cooperation with the local business community will be further expanded.

The Egyptian ambassador highlighted that bilateral trade between the two countries currently stands at around $300 million, which needs to be increased. He particularly stressed boosting trade in textiles, cotton, engineering products, processed foods, value-added goods, and the construction sector.

He noted that the Suez Canal Economic Zone offers excellent opportunities for Pakistani investors in manufacturing, logistics, textiles, halal food, and various other sectors. He added that Egypt is rapidly developing its IT industry and sees strong prospects for collaboration with Pakistan in this field as well.

The ambassador assured that the Egyptian Embassy in Islamabad will continue to extend full cooperation to the Pakistani business community at all levels.