Minister of Industry Engages in High-Level Discussions to Foster Industrial Cooperation
Khaled Hashem, Egypt's Minister of Industry, recently participated in a series of high-level meetings with international officials and financial institutions during the 35th Annual Meeting and Business Forum of the European Bank for Reconstruction and Development (EBRD) held in Riga, Latvia. The purpose of these engagements was to explore new opportunities for enhancing industrial, investment, and trade collaboration. In a meeting with the EBRD Board of Directors, Hashem emphasized the necessity of bolstering partnerships across critical sectors such as energy, water management, vocational training, and support for small and medium-sized enterprises (SMEs), which are vital for economic growth.
In his bilateral discussions, Hashem also met with Osman Çelik, the Deputy Minister of Treasury and Finance from Türkiye, where they deliberated on strategies to boost Turkish investments in Egypt, particularly in export-oriented projects. The conversations were centered on how to enhance bilateral trade and stimulate joint manufacturing initiatives. Key sectors identified for collaboration included textiles, garments, engineering industries, automotive components, household appliances, chemicals, fertilizers, and renewable energy equipment, all of which promise to create more competitive export products by integrating Egyptian and Turkish production inputs.
Expanding Trade and Investment Cooperation with Nigeria and Morocco
Furthermore, Hashem engaged in talks with Aminu Umar-Sadiq, the Managing Director and CEO of the Nigeria Sovereign Investment Authority (NSIA), focusing on deepening investment cooperation between Egypt and Nigeria. He underlined the vital importance of tapping into the robust relationship between the two nations to promote industrial integration through collaborative projects that align with their shared economic interests. Hashem pointed out that Nigeria stands to gain significantly from Egypt’s manufacturing capabilities and its strategic position as a conduit to Arab and African markets. The discussions also touched upon the potential establishment of a trade corridor between Egypt and Nigeria under the African Continental Free Trade Area (AfCFTA), which aims to facilitate smoother goods movement and bolster intra-African trade.
In addition to these meetings, Hashem met with Mohamed Tarek Bchir, Director of Treasury and External Financing at Morocco’s Ministry of Economy and Finance. Their discussions revolved around avenues for enhancing industrial cooperation and developing financial mechanisms that could facilitate increased bilateral investment flows. The conversations highlighted several sectors ripe for strategic partnerships, including automotive manufacturing, food processing, and textiles. Both parties also considered activating existing trade agreements to streamline bilateral trade and improve access to broader African and international markets. Hashem reaffirmed Egypt’s commitment to nurturing its relationship with Morocco into a comprehensive strategic partnership, reflecting the shared aspirations of both countries to deepen their economic, industrial, and investment cooperation while promoting regional integration.
As reported by dailynewsegypt.com.
