The minister plenipotentiary for economic and commercial affairs at the Greek Embassy in Cairo, Athanasios Makrandreou, said that the Egyptian government is positively handling the issue of Egyptian Greek for Clay Bricks and Roofing Tiles (Egyptian Greek Brick), adding that Egypt’s Ministry of Justice is preparing solutions to the problem.
“The company was awarded a permanent license and hopefully we will have solutions,” Makrandreou told Daily News Egypt, adding that the Greek company is facing ownership problems with its land in the governorate of Minya.
Makrandreou added that a Greek agribusiness and food company is implementing the required procedures to obtain additional land, noting that the company is working with the Industrial Development Authority (IDA) to start the expansions by the end of 2018.
He declined to reveal the company’s name and the cost of expansion investments, adding, “it is very confidential and I do not have permission to disclose other information.”
Greek investments in Egypt reached €1.3bn, mainly concentrated in the sectors of cement, paper, construction, food, aluminium products, and oil and gas exploration, noted Makrandreou in previous statements.
The value of trade exchange between the two countries recorded €1.5bn at the end of 2017, as Egypt imports petroleum products, cotton, cigarettes, and plastics from Greece, said Makrandreou.