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Egypt boosting investment cooperation with Latin America

Thursday, 29 July 2010 15:33

Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed left Cairo for Argentina leading a large group of businessmen for talks on means of boosting bilateral cooperation in the investment domain.

In pre-departure statements, Rasheed said an Egyptian-Argentine business council will be launched during the visit.

The visit falls within the framework of Egypt's interest in boosting relations with Latin American states, he said.

Egyptian businessmen will hold talks with their Argentine counterparts on available investment opportunities and means of establishing more joint ventures.

On the other hand, an economic report asserted that the growth rate in gross domestic product (GDP) hit 5.3% while investments grew to 20% and unemployment went down below 9%, according to the cabinet’s official spokesman Magdi Radi on Wednesday 28/7/2010.

The report, submitted by Minister of Investment Mahmoud Mohieddin during a cabinet meeting yesterday, held that Egypt ranked 1st country in North Africa in the investment domain, gaining 36.7% of the total foreign direct investments in the region and 2nd on FDIs inflow in Africa with 11.5%.

In another report on socio-economic activities during the fourth quarter of fiscal year 2009/2010, Minister of Economic Development Osman Mohamed Osman said all figures suggest that there will be almost full recovery from the effects of the global financial crisis.(SIS)

Global Arab Network

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