CAIRO: Osama Saleh, chairman of Egypt’s investment authority, recently met with an Iraqi delegation to discuss joint development projects between the two countries.
Aiming to enhance economic relations between Egypt and Iraq, Saleh, chairman of the General Authority for Investment and Free Zones (GAFI), received members of the delegation, which included senior officials and Iraqi investors headed by Sami Raouf Al-Araji, Chairman of the Iraqi National Investment Commission (NIC).
The meeting discussed the next steps towards implementing what was agreed upon during Investment Ministers Mahmoud Mohieldin’s visit to Iraq this past August,
Representative from Iraqi companies in the fields of construction, pharmaceuticals as well as spinning and weaving were present along with executives of Egyptian companies operating in the field of construction, urban development and infrastructure.
The two sides are working together to establish joint ventures in transportation, hospitals, water and sanitation, with projects planned worth around $20 to $25 billion.
There are also plans to set up training programs for Iraqi experts in Egypt.
“Egypt welcomes the active participation in order to rebuild Iraq, providing its expertise in the revitalization of Iraqi institutions, namely the stock exchange of small and micro enterprises, law firms and the common area of governance and corporate social responsibility, Saleh said in the meeting.
Saleh said the investment authority will form a working group to monitor ongoing and planned projects and joint investments.
Mohieldin welcomed Iraqi investments in Egypt and said challenges to further investments will be addressed to grow economic cooperation between both countries.
Al-Araji said that Egyptian investments will contribute to both nations.
