CAIRO: In an effort to enhance economic ties between Egypt and Canada, Global Trade Matters – an economic forum on international trade agreements and protocols – convened business experts from both countries to discuss opportunities for increasing economic cooperation.
In a panel discussion on Sunday, investors debated strategies to increase Egyptian exports in Canada and ways to enhance investment projects in both countries.
“Regarding Egypt and the Middle East, we are still not doing enough regarding two-way trade. It is really not strong enough, said Canadian Ambassador to Egypt Philip MacKinnon.
“With that being said, what success we have achieved would not have been possible without a dynamic Egyptian private sector and the support of a bundle of economic reforms that have started to pay off in the Egyptian economy, he said.
Mackinnon stated that the stable economic atmosphere in Egypt has led to a noticeable increase in foreign direct investment (FDI). He said FDI has skyrocketed from $1.7 billion in the first quarter of the current fiscal year to $4.9 billion in the third quarter of the same year.
“The increasing rates insure that Egypt is an attractive country for foreign investment, said Mackinnon.
Canadian investments in Egypt reached $1.2 billion and are expected to jump to $3 billion in the next two years.
“Hopefully, we will start to make a difference in the lives of ordinary Egyptians, said Mackinnon.
Ashraf Naguib, managing director of Global Trade Matter, told Daily News Egypt that the main initiative behind the meeting was to recommend strategies that build stronger ties between Egyptian and Canadian investors.
“We do not apply policies, we just debate and recommend. We aim to [raise] awareness among business experts and investors to enhance the economic relationship between Egypt and Canada, said Naguib.
