Minister of Trade and Industry Ahmed Samir said that Lebanon ranks 13th among the countries investing in Egypt, with investments amounting to 1.2 billion dollars, and about 1,904 Lebanese companies whose investments are concentrated in the financial, industrial, service and real estate sectors.
Samir added, during the activities of the Sixth Egyptian-Lebanese Business Forum in Cairo, that the volume of bilateral trade rose last year to about 580 million dollars, compared to 420 million dollars in 2020, a growth of 35.4 percent, pointing to the rise in the value of Egyptian imports from Lebanon to reach 228 $5 million, compared to $131 million.
This came during the opening ceremony of the Egyptian-Lebanese Business Forum, in a Cairo hotel, under the patronage of the Cabinet, Dr. Mustafa Madbouly, and in the presence of Mohamed Choucair, Head of Lebanese Economic Organizations.
The Minister of Trade and Industry called on the Lebanese companies to establish joint partnerships with their Egyptian counterparts to start exporting in the countries in which Egypt participates in trade agreements.
For his part, Eng. Fathallah Fawzy, Chairman of the Board of Directors of the Egyptian-Lebanese Businessmen Association, said that the Egyptian-Lebanese Business Forum is an embodiment and consolidation of what distinguishes the Egyptian-Lebanese relations, which are always characterized by privacy and complete agreement, and reflects the keenness of the political leadership and the state to advance all aspects of cooperation, including It serves the interests of the two great peoples.
He stressed that the Egyptian-Lebanese Businessmen Association is fully prepared to help its brothers in dear Lebanon, through the technical and administrative expertise and competencies capable of assisting all Lebanese businessmen wishing to invest in Egypt, noting that the association commends the efforts of the Commercial Office at the Egyptian Embassy in Lebanon headed by Lebanon. Counselor Tamer El-Sayed in advancing relations between the two countries.
Lebanon’s ambassador in Cairo and permanent representative to the League of Arab States, Ali Al-Halabi, said that it is no secret to anyone that diplomacy constituted a motive for the two countries towards economic integration, pointing out that the Lebanese embassy in Cairo is a link between the private and public sectors in the two countries.
Al-Halabi added that the embassy is currently seeking to convene the higher committee soon, pointing out that the concerted efforts of Egypt and Lebanon reflected positively on the level of the volume of intra-regional trade and the increase in investments.
For his part, Minister of Trade Commissioner Yahya Al-Wathiq Billah, Head of the Commercial Representation Authority, said that the Ministry of Trade and Industry currently has about 122 industrial investment opportunities, including preliminary feasibility studies, stressing his readiness to provide all facilities to investors, especially in light of the measures taken by the government to create an investment climate. in Egypt.
Al-Wathiq Allah added that there are many opportunities available for projects ready for Lebanese investment through the Egyptian Sovereign Fund, in addition to the Suez Canal Economic Zone, and projects for the General Investment Authority, in addition to the state submitting a state-owned political document for national discussion with the aim of offering it for investment.
Dr. Rabie Hassouna, head of the Lebanese-Egyptian Business Council, stressed the importance of the sixth session of the recipient and coming up with recommendations to advance intra-trade and economic integration, especially at this stage, praising President Sisi’s actual solidarity stances with Lebanon and its people.
Mohamed Choucair, head of the Lebanese economic bodies, said that the Lebanese private sector continues to move and take the initiative with all determination and will and in all directions, indicating that measures and steps are required to move to new horizons in our economic relations and move in taking measures and implementation.
Choucair added, “We count a lot on increasing trade exchange, and we need to achieve this to facilitate the flow of Lebanese products that enjoy high specifications to the Egyptian markets, and we also need a joint investment vision that identifies feasible opportunities in the two countries to work on them jointly.”
For his part, Raouf Abu Zaki, CEO of Al-Iktissad Wal-Aamal Group, said that the forum, in its sixth session, is a platform for meeting, exchanging observations and proposals, and presenting developments. Despite the difficult conditions.
He stated that the Egyptian-Lebanese relations, whether in their bilateral or joint aspects, have broad prospects for growth and expansion, helped by the vitality of the Lebanese private sector and the improvement of the investment climate in Egypt in light of the increasing official interest in foreign investors and the political will determined to proceed with a comprehensive reform workshop led by President Abdel Fattah El-Sisi He added that Egypt has turned into an international regional center for various activities, and its hosting of the upcoming global climate summit next November is proof of that.
Dr. Khaled Hanafi, Secretary-General of the Union of Arab Chambers, called for the establishment of an Egyptian-Lebanese strategic alliance that would achieve opportunities for all and establish pivotal focal points that go to the reconstruction and eastern Mediterranean markets.
Hanafi explained that Lebanon has strong opportunities to establish fulcrum points, and in return, the Egyptians have opportunities for growth and export by virtue of Egyptian bounties.