Saturday, 23 September 2023 08:42 GMT

Arab Ministers Call For Investment In Their Countries

(MENAFN- Brazil-Arab News Agency (ANBA))

São Paulo – The ministers of Commerce and Industry of Egypt, Morocco, and Jordan participated in the opening of the Economic Forum Brazil & Arab Countries over the internet and presented opportunities for Brazilians. The Minister of Trade and Industry of Egypt, Nevine Gamea (pictured above), said there are possibilities for investment in the Egyptian market in transportation, spare parts, medicines, engineering and textile industries, and new and renewable energies.

She told of the deep historical ties between Egyptians and Brazilians and that Brazil is Egypt's leading trading partner in Latin America, with a trade balance of about USD 2.5 billion in 2021.

The minister invited Brazilians to visit Egypt to learn about the progress and achievements of the local economy in recent years and to foster cooperation opportunities for industrialization within Egyptian territory. According to her, producing in Egypt, Brazilians can benefit from the free trade agreements the country has with over 80 countries, allowing duty-free exports.

Gamea stated the Egypt-Mercosur free trade agreement boosted the competence of Egypt's exports, facilitating the entry of goods, not only from Brazil but the entire Mercosur. According to her, the Brazilian market represents a regional starting point for shipping and selling goods to neighboring countries. The minister said Egyptian exports to Brazil increased under the agreement, from USD 155 million in 2017 to USD 541 million in 2021.

The minister told of some noteworthy achievements of the Egyptian economy during the two years of the COVID-19 pandemic, with the Gross Domestic Product (GDP) reaching a 3.3% growth in the 2021/2020 fiscal year. Gamea said credit rating agency Fitch praised the performance, describing Egypt as the most prominent among emerging economies.

Morocco: Green hydrogen

The Minister of Trade and Industry of Morocco, Ryad Mezzour, spoke of his country's efforts toward sustainability, from the production of green hydrogen to the quest to meet 52% of its electrical power needs through renewable resources by 2030 since the country plans to preserve the environment and rely on clean energy.

Mezzour: Initiatives towards sustainability

Mezzour explained the economic repercussions of successive crises in the last two years, especially the coronavirus pandemic, have led countries to make tough financial decisions. Morocco allocated USD 12 billion to support its economy in the current year. He said the government began building the foundations of an economic take-off twenty years ago and has the infrastructure to make it happen today. Mezzour described local infrastructure as one of the best in Africa and the entire world.

The minister also spoke about the Moroccan port of Tangier, which he described as the largest in the Mediterranean. He briefed on the country's strong automobile industry, local exports of food and textile products, and the vital chemical and engineering industries. According to Mezzour, Morocco is a member of alliances and economic blocs, allowing locally produced goods to reach 2.3 billion consumers free of import tariffs.

Mezzour said Morocco has an investment facilitation agreement with Brazil and non-double taxation on air and maritime freight. According to the minister, there is support for local and foreign investment and an attractive climate for business in Morocco.

Jordan aims to strengthen ties with Brazil

At the forum, Jordan's Minister of Trade, Industry, and Supply, Youssef Al-Shamali, said relations between Jordan and Brazil are historic and long-standing. Still, they are not up to the countries' capabilities and history in the economic field. According to Al-Shamali, the trade volume reached USD 425 million in 2021, very low considering existing opportunities, and this amount could double in a brief period.

Youssef Al-Shamali spoke about Jordan

The Jordanian told about the visit the Brazilian Minister of Agriculture, Livestock, and Food Supply, Marcos Montes, paid to his country this year, in which arrangements were made on the export of fertilizers from Jordan to ensure supply to the Brazilian agribusiness sector, affected by the war between Russia and Ukraine. Al-Shamali invited Brazilian companies to invest in Jordan and take advantage of the promising opportunities offered by the government to foreign investors. He said Jordan could be an entry point for Brazilian companies in the Middle East.

Al-Shamali congratulated the Arab Brazilian Chamber of Commerce (ABCC) on its 70th anniversary and said the forum organized by the entity is a platform to discuss and develop economic relations and solve issues faced by investors from Brazil and the Arab countries.

The Economic Forum Brazil & Arab Countries is held by the ABCC in partnership with the Union of Arab Chambers (UAC), supported by the League of Arab States, and sponsored by Travel Plus, Brazil Trade, and Investment Promotion Agency (ApexBrasil), Fambras Halal, Embraer, Itaipu Technology Park, Pantanal Trading, Embratur, Khalifa Industrial Zone Abu Dhabi (KIZAD), Cdial Halal, Modern Living, BRF, Egyzone/Am Development, Antika Openet/BV, First Abu Dhabi Bank, Egyptian Financial & Industrial Company (EFIC), Suez Company for Fertilizer Production (SCFP), Boa Esperança Agriculture Cooperative (CAPEBE), Prima Foods, and Afrinvest.

Translated by Elúsio Brasileiro

Rodrigo Rodrigues / Arab Brazilian Chamber Rodrigo Rodrigues / Arab Brazilian Chamber Rodrigo Rodrigues / Arab Brazilian Chamber

The post Arab ministers call for investment in their countries appeared first on Agência de Notícias Brasil-Árabe .


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.