Industrial Modernization Centre (IMC) signed an agreement with KAZAKH INVEST Company to facilitate the exchange of joint investments in the fields of industrial and technology transfer between Egypt and Kazakhstan, according to IMC executive director Ahmed Taha.
Taha said that the agreement aims to exchange experiences in the field of promoting international trade and development through presentations, seminars, training, courses, internships, and information support for the implementation of various activities in Egypt and Kazakhstan that promote the development of mutual trade, such as trade forums, exhibitions, and training visits for entrepreneurs.
He pointed out that the agreement focused on the importance of cooperation in the development of a number of industrial sectors including non-ferrous metal industries, petrochemical industry, food industries, agricultural chemistry, automobile production and parts, and engines. The agreement is important for the companies to cooperate in the production of electrical machines, electrical equipment, agricultural equipment, railway machinery, equipment for the mining industry, and construction materials.
During the opening of the activities of the Egyptian-Kazakh Business Forum in Astana, Egyptian Minister of Industry and Trade Tarek Kabil invited Kazakh investors to invest in the Egyptian market and enter into investment partnerships with their Egyptian counterparts.
The minister pointed out that the economic reform plan adopted by the government has resulted in a qualitative leap in the national economy, which reflected in some economic indicators that include a growth rate of 4.3% during the past fiscal year (FY) 2016/2017 and to an increase in investments to reach EGP 392bn—of which the private sector contributed 58% to—in addition to an increase in foreign exchange reserves to exceed $30bn.
He added that the measures taken by the government to improve the investment climate and stimulate the economy included issuing the New Investment Law, activating the “one-stop shop” system, and establishing a mechanism for resolving disputes, as well as strengthening the partnership between the public and private sectors.
“Due to these reforms, Egypt has jumped nine spots to rank 122 out of 190 countries in the 2017 World Bank’s Doing Business Index,” Kabil noted. “Kazakh investors should take advantage of Egypt’s situation as an important strategic and logistical hub to reach the Arab and African markets and benefit from the trade and investment advantages of the Suez Canal Economic Zone in supporting and facilitating the international trade movement and trade ties between Asia and Europe,” he added.
Trade relations between Egypt and Kazakhstan are witnessing remarkable development. The volume of trade exchange between the two countries in 2016 increased by 12.7% to reach $55.3m compared to $49m in 2015, according to Kabil.