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Egypt, Argentina strengthening trade and investment cooperation

Tuesday, 03 August 2010 17:02

Egypt is looking forward to boosting ties with Argentina in various domains, especially in trade and investment areas, Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed said on August 2nd 2010 .

Under its strategy to integrate into international economies, Egypt seeks further cooperation with Argentina which is a key Latin American state and one of most powerful emerging economies, he said at the opening session of the Egyptian-Argentinean business forum held in Buenos Aires.

About 80 Argentine companies are taking part in the gathering along with 30 companies in various economic sectors.

Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed said diplomatic relations between Egypt and Argentina date back to more than 60 years and it is now time to cement economic relations, especially with Cairo and Buenos Aires boosting outstanding positions at regional and international levels.

Rasheed said he had intensive talks since Friday with senior Argentinean officials and heads of companies on means of activating bilateral cooperation.

Egypt's inking of a free trade zone agreement with other Mercosur members will undoubtedly give momentum to Egyptian-Argentine relations, he said.

Egypt plans to double its exports to 200 billion EGP by 2013 through tapping new markets, he said.

The volume of trade exchange between Egypt and Argentina rose from 616 million dollars in 2007 to 1.2 billion dollars in 2008, but receded to 643 million dollars in 2009 due to the financial crisis. Argentina is Egypt's second trade partner in Latin America.

He urged Argentine companies to invest in Egypt, especially in the fields of medicine, textiles and IT.
(SIS)

Global Arab Network

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