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Tuesday, October 24, 2023

Egypt, Bulgaria explore ways to boost economic ties

Egypt’s Trade and Industry Minister Ahmed Samir met with the Bulgarian Ambassador to Cairo Deyan Katratchev to discuss how to enhance the economic and trade cooperation between the two countries. They also talked about other topics of mutual interest.

Samir said that they reviewed the outcomes of the exploratory mission that the Egyptian Ministry of Trade and Industry led to Bulgaria on 19 and 20 September 2023. The mission included representatives from various sectors, such as electricity, renewable energy, transport, the Suez Canal Economic Zone, investment and free zones, and industrialization. The mission aimed to attract investment opportunities and increase the level of cooperation between Egypt and Bulgaria in areas such as renewable energy, artificial intelligence, the automobile industry and its components.

Samir pointed out that Bulgarian investors could benefit from the great advantages of investing in the Egyptian market. These include the availability of skilled workers and Egypt’s access to preferential trade agreements with many countries and economic blocs. These agreements allow easy entry to foreign markets for products made in Egypt.

The ministry recently prepared a list of 152 investment opportunities for manufacturing production supplies. Bulgarian businessmen can establish industries in these areas, which would help boost the local industry and transfer the long-standing Bulgarian industrial expertise to the Egyptian market. There are also opportunities for joint production in either Egypt or Bulgaria.

Samir noted that Cairo will host the third edition of the Intra-African Trade Fair (IATF) 2023 next month. The fair is organized by the African Export-Import Bank (Afreximbank) in cooperation with the African Union and the secretariat of the African Continental Free Trade Agreement. The fair is expected to have 75 countries and 1,600 exhibitors participating and to conclude trade and investment deals. This represents a unique opportunity for investors from Bulgaria.

Samir welcomed the upcoming visit of the Bulgarian Economy Minister to Cairo in December, which is expected to include a delegation of Bulgarian companies. They will discuss the opportunities for trade and investment cooperation between the two sides.

He suggested holding the next edition of the Egyptian-Bulgarian joint business council and an Egyptian-Bulgarian business forum on the sidelines of the visit.

On his part, Bulgarian Ambassador Katratchev expressed his country’s interest in raising the economic and investment relations with Egypt to a high level. He said that Egypt is one of the key countries in the Middle East and Africa region. He stressed the need to diversify the structure of trade between Egypt and Bulgaria to strengthen the ties between the two countries.

Katratchev revealed that Egyptian products could use the Bulgarian market as a gateway to Europe. He also said that Bulgarian products could use the Egyptian market as a hub to enter African markets. He concluded that Egypt could benefit from Bulgaria as a source of wheat.

Michael Maren
Michael Maren
Former marine biologist who likes to spend as much time in the tropics as possible, due to a horrible time I once had in Alaska. Brrrr.

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