Egypt-Portugal investments hit over $450 million – FEDCOC

President of the Federation of the Egyptian Chambers of Commerce (FEDCOC) Ibrahim El Arabi said the volume of investments between Egypt and Portugal amounted to more than $450 million.

He made his statements on Monday October 7,2019 in the Egyptian-Portuguese business forum, organized by the FEDCOC with the participation of seven Portuguese companies operating in the fields of foodstuff and engineering industries, agricultural crops, timber and medicines.

Vice President of the FEDCOC Mohamed el Masry delivered a speech at the forum on behalf of el Arabi, noting that Portugal will be main partner of Egypt’s.

The investments included the fields of information technology, communications, ready-to-wear clothes, new and renewable energy and real estate.

He pointed out that trade exchange between both countries is on the increase by 30% yearly, exceeding $380 million.

El Arabi urged Egyptian companies to use Portuguese ports and free zones to have access to the markets of West Africa easily and quickly, adding that the federation supports cooperation between Egypt and Portugal to invade regional markets and increase exports.

Source: State Information Service Egypt