(MENAFN- Daily News Egypt) Egypt and Spain are working to strengthen their economic relationship, according to a meeting between Egyptian Minister of investment and International Trade Hassan El-Khatib and Spanish Ambassador to Cairo Álvaro Iranzo. The meeting focused on expanding economic cooperation across various sectors.
El-Khatib highlighted the long-standing strategic relationship between the two countries, noting a shared desire to increase economic collaboration, particularly in trade, investment, and industry. He emphasized Egypt's commitment to fostering a supportive environment for foreign investment. He stressed the potential for Spanish companies to benefit from Egypt's investment opportunities, citing the government's focus on attracting investment in digital transformation, industrial and technological localization, agriculture, transport and logistics, and energy.
The minister assured Iranzo that the Egyptian government is dedicated to addressing challenges faced by Spanish businesses operating in Egypt. This commitment aligns with the broader government strategy of improving the business environment and strengthening the private sector's role in economic development under Egypt's Vision 2030. He also noted that Egypt's numerous free trade agreements facilitate increased trade, economic diversification, and foreign investment by expanding market access, reducing tariffs, and boosting Egyptian exports, thereby increasing integration into global and regional markets. He specifically cited the EU-Egypt Partnership Agreement as providing preferential access to the European market and encouraging European investment across diverse sectors. El-Khatib expressed his hope for greater Spanish investment in Egypt, emphasizing its strategic geographical position as a gateway for regional and international trade.
El-Khatib also noted that Spain is the second-largest recipient of Egyptian exports, with a value of €1.265 billion, and that bilateral trade between the two nations totals approximately €3 billion.
Ambassador Iranzo praised the Egyptian government's efforts to attract foreign investment, acknowledging the significant investment opportunities available in Egypt. He detailed several joint projects between Spanish and Egyptian companies in renewable energy, water treatment and desalination, transportation, cement, information and communications technology (ICT), agriculture, aquaculture, leather goods, fashion, and food processing. He confirmed that strengthening economic and trade relations between Egypt and Spain is a shared goal. The Spanish government, he said, remains committed to supporting Spanish businesses seeking opportunities in Egypt, especially given the growth in bilateral trade and Spain's position as the fourth-largest economy in the European Union.
The meeting was attended by Eduardo Soriano, the Spanish Economic and Commercial Consul in Cairo; Yahya Al-Watheq Balla, Head of the Commercial Representation; and Nasser Hamed, Director of EU Affairs at the Commercial Representation.
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