Mursi’s landmark visit: Islamabad a natural partner for Cairo, says diplomat

Stresses the need for enhancing bilateral cooperation.

“This is a difficult time for both Egypt and Pakistan … There are political changes occurring all over the world … but it is necessary to boost (both countries’) economies,” Egypt’s ambassador to Pakistan Said Hindam said on Sunday.

Talking to The Express Tribune on the eve of Egyptian President Mohamed Mursi’s landmark visit, Hindam said that in the aftermath of Egypt’s revolution, the country was eager to bank on existing economic ties with Pakistan and increase bilateral trade and investment.

Mursi is set to arrive in Islamabad today (Monday), the first time an Egyptian head of state will be visiting Pakistan in four decades.

According to the ambassador, Mursi’s choice of Pakistan as the first South Asian country he will visit reflects Cairo’s desire to begin a new chapter in its bilateral ties with Islamabad. He stressed the two countries shared interests and views on major political issues at the regional and international level.

A number of memorandums of understanding (MoUs) are expected to be signed during the Egyptian president’s visit. These include an MoU for cooperation in science and technology, another between the Associated Press of Pakistan and Egypt’s Middle East News Agency, and a third between Small and Medium Enterprises Development Authority (Smeda) and the Egyptian Social Fund for Development.

Mursi will also likely receive an honorary doctorate from the National University of Science and Technology.

Hindam said Egyptian investments in Pakistan had reached a peak in 2009-2010 period, when it brought new technology, managerial capacities and thousands of work opportunities to the country. However, he added, international market forces had pushed several Egyptian companies into merging with bigger multinationals, which reduced Egypt’s share of investment in Pakistan.

On the other hand, Pakistani investment in Egypt has been witnessing ceaseless increase due to incentives offered by Egyptian authorities, and the extensive network of trade agreements between the two countries, Hindam maintained.

While bilateral trade between Egypt and Pakistan has increased by 30% since the Egyptian revolution, amounting to US $350 million by the year 2011-2012, the sum is far below the capacities of the two big economies, said the ambassador. He added that the governments of Egypt and Pakistan had established a trade infrastructure and it was up to the two countries’ business community to make use of it.

Towards this end, an agreement for cooperation between the chambers of commerce in Karachi and Giza will also be signed during Mursi’s visit. A protocol for cooperation in the field of merchant shipping will be signed as well.

“For Egypt, Pakistan stands as the natural partner for such development. Hence, the Egyptian President has decided to undertake such trip to push further in achieving the goals of the revolution, in the centre of which lies economic growth.” the ambassador observed.

Published in The Express Tribune, March 18^th, 2013.