Romania, Egypt Boost Economic Ties With Focus On Energy, Investment

(MENAFN- Daily News Egypt) Romania and Egypt have agreed to deepen economic ties, with a focus on energy cooperation, investment, and promoting trade, according to a statement from the 4th session of the Romanian-Egyptian Joint Committee for Economic, Scientific, and Technical Cooperation.

The meeting, held in Bucharest, was chaired by Ștefan-Radu Oprea, Romania's Minister of Economy, Entrepreneurship, and Tourism. Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, led the Egyptian delegation.

The two countries discussed a range of issues, including:

• Trade and investment: Both sides identified opportunities to increase trade, particularly in agriculture, vehicles, and cereals. They also agreed to share information on business opportunities and encourage joint investment projects. A Memorandum of Understanding was signed between the Romanian Agency for Investment and Foreign Trade (ARICE) and the General Authority for Investment and Free Zones of the Arab Republic of Egypt (GAFI) to facilitate knowledge sharing and information exchange on the investment environment in both countries.
• Energy: The two sides agreed to explore ways to diversify energy supply sources and routes, with Romania seeking access to liquefied natural gas available in Egypt. They also agreed to collaborate on the development ofrenewable energy projects, electric transportation systems, and electric interconnection projects.
• Industry: Romania and Egypt will strengthen cooperation in the automotive, textile, and cement industries, while also promoting partnerships in the chemical and medical equipment industries. The two countries also agreed to explore the transfer of know-how for the transition from a linear economy to a circular economy model.
• Tourism: The two sides will cooperate in promoting safe and sustainable tourism, and exchange information on the tourism potential of both countries.
• Small and Medium Enterprises (SMEs): The two parties agreed to support the exchange of experiences and best practices in developing SMEs through funding from both national and international sources. They also proposed the development of business networks and the strengthening of consulting and digital innovation centres for SMEs.

Oprea highlighted the potential for increasing Egyptian investment in Romania, particularly in energy, the automotive industry, and the defense industry.

“Romania is an attractive destination for foreign investment in Central and Eastern Europe. However, the value of direct Egyptian investments in Romania is only $44m. Therefore, we encourage Egyptian businessmen to invest in Romania, especially in energy, the automotive industry – particularly in the area of batteries for electric mobility, hydrogen fuel cells, agricultural machinery, the chemical and pharmaceutical industries, the defence industry, the offset system, agriculture and the food industry, infrastructure, tourism, construction materials, through projects developed in public-private partnerships in Romania,” Minister Oprea stated .

Al-Mashat emphasized the commitment of both countries to promoting economic growth and development.

“Both countries have sought to join forces and drive development and economic growth, investing in several sectors of activity. I have previously discussed this with other ministerial colleagues and I am very happy that my colleague, the Minister of Agriculture and Land Reclamation, Alaa Farouk, is part of the delegation, given the importance of the links between Egypt and Romania and their potential. We discussed agriculture, small and medium enterprises, andinvestments, but we also explored other opportunities for cooperation: in the nuclear energy sector, hydrogen, industrialization, field of transportation, trade, defence, artificial intelligence, areas that are very important for the Ministry of Economy, Entrepreneurship, and Tourism. I look forward to other agreements and business strategies, as well as numerous Romanian ministers. Today we also have a business forum where over 100 companies will discuss opportunities and also discuss what appears to be a very promising reactivation of economic ties between the two countries,” stated the Minister of Planning, Economic Development, and International Cooperation of Egypt.

The Joint Committee agreed to establish a monitoring committee to track progress on agreed goals and facilitate dialogue between the two countries. The meeting concluded with a business forum featuring representatives from the private sectors of both countries, who discussed potential opportunities for cooperation.

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