Egypt is looking to invest $1 billion in Pakistan in the coming year. The investment will be made in energy, building, pharmaceutical, halal food, and tourism sectors.
According to Ahmed Fadel Yaqoob, the ambassador of Egypt to Pakistan, Egypt enjoys strong bilateral relations with Pakistan and looks forward to boosting bilateral cooperation.
On Wednesday, Ahmed Fadel Yaqoob visited the Rawalpindi Chamber of Commerce and Industry (RCCI). A team of 16 Egyptian businessmen headed by Ahmed Anter, First Undersecretary and Head of Egyptian commercial service, also accompanied the Egyptian ambassador.
The businessmen are looking to participate in RCCI International Rawal Expo 2020 which will be held in March next year.
Talking to the members of RCCI, the ambassador said that Egypt will become a Hepatitis free country in 2020. Egypt is willing to offer its services to Pakistan to become a Hepatitis free country as well. The ambassador underscored the need to undertake joint measures in health and pharmaceutical sectors to bring down the number of hepatitis cases in Pakistan.
To explore investment opportunities in Pakistan, a joint working group has been founded between Egypt and Pakistan. Reciprocating Egypt’s investment plans, the Ministry of Commerce announced to provide incentives to Pakistani companies eager to invest in Africa.
At the moment, Pakistan exports only rice, cement, pharmaceuticals, textiles, surgical and sports goods to African countries.
To increase Pakistan’s exports to Africa, a Business Africa Trade Forum was organized in February this year