CAIRO: Above all else in business, Finland is known for its innovative mobile technology, clean energy solutions, and cost-effective healthcare products. Egypt, on the other hand, is the most populous country in the Middle East with a heavy consumer culture and a government that strives to become a hub for foreign direct investment.
As both countries look into boosting trade and investment relations, they call it a match made in heaven.
“Statistics indicates and shows that Egypt has had a favorable economic environment . and [hence] Finland seeks to re-modify its cooperation with Egypt, said Paavo Vayrynen, Finland’s Minister of Foreign Trade and Development. “We are looking for a new kind of instruments which can help boost business and cooperation in different fields.
According to Finnish embassy records, although bilateral trade shows an upward trend, it is quite small compared to other European Union countries.
In 2006, bilateral trade stood at 253.2 million euros, up from 123.3 million euros in 2003.
Trade balance is in favor of Finland, which exported goods worth 239.5 million euros to Egypt in 2006, up from 116.6 million euros in 1003. In the first half of 2007 alone, Finnish exports hit 135.3 million euros.
Meanwhile, Egyptian exports amounted to 13.7 million euros in 2006 and 10.2 million euros in the first half of last year. Despite being “insignificant in volume, Egypt’s exports have grown in recent years after reaching as little as 6.7 million euros in 2003.
Embassy officials, kept investment figures undisclosed; however, they predicted a boost in figures under GAFI’s recent investment and industrial reforms. Finnish experts – who recently met with Egyptian counterparts in a bid to augment trade and business relations – are upbeat on investing in several sectors, particularly mobile technology, clean energy, and healthcare products.
In the field of mobile technology, Finland is homeland of the world’s number one mobile phone brand Nokia. “Around 85 percent of mobile phones in Egypt are made by Nokia, pointed out Vayrynen, adding that there was potential for more.
After its global merge with Siemens Company, the new Nokia Siemens Networks has become a leading telecom vendor in Egypt, striking deals with telecom operators namely Telecom Egypt, Vodafone, and MobiNil, as well as with various internet service providers. The network also owns a quality and cost-competitive center in Egypt, where it provides training services for suppliers and company engineers across the region.
Experts also highlighted clean and renewable energy as another field for greener business and investment opportunities between both countries.
“Egypt, according to the World Atlas, has the best wind [energy] producing location in the world, which is along the Red Sea cost, said Fayza Abul Naga, Egypt’s minister of international cooperation. “We are already working with Finland on a wind project on the Red Sea . and hope that within the next 10 years or so we increase cooperation in that field.
Furthermore, Finland currently finances and implements a waste management project in Alexandria – the first of its kind in the entire region. “Bio-energy in Egypt is important because of the big amount of waste used in agriculture, explained Vayrynen.
Embassy officials revealed plans to expand the project to Greater Cairo, in a step that could generate more energy to the region.
“Costs of energy have now reached record highs, with prices of oil [close to] $100 a barrel, Yasser Shawky, commercial attaché at the Finnish Embassy, told Daily News Egypt. “It is time for nations to think about renewable sources for energy . bio-energy, bio-fuel, and energy generated from wastes.
Finnish business figures also see strong potential in the field of healthcare, which they hope can boost relations between both countries.
“Healthcare [products] in Finland are in very good shape. Finland already exports 80-90 percent of its health development solutions and products to several countries across the world, stated Tommi Nordberg, leader of the Finnish Business Delegation. “Egypt is one of these countries [whereby ongoing] development in the healthcare sector provides good potential for us.
Several Finnish healthcare companies have teamed up with Egyptian public and private hospitals to provide hospital and emergency room equipment as well as operating and examination tables.
“We have been supplying [state-run] hospitals as well as private hospitals and clinics in Egypt for over 25 years, said James Whelan, area export manager at Merivaara Corporation.
He sees strong potential in Egypt’s healthcare services in light of the government’s new emphasis on the healthcare sector.
The Finnish company, he added, has decided to expand its business in Egypt, where it joined hands with a local distributor to help it supply to more hospitals. “A healthy population is a productive population, and we hope we can help Egypt in that. That is why, we provide Egypt with high quality and cost-effective equipment that is reliable and does not require much maintenance.
Egypt’s ministry of health recently signed a memorandum of understanding with Finnish companies to finance requests for healthcare products needed in some local hospitals.
