CAIRO, The official visit to Vietnam by Egyptian President Abdel Fattah el-Sisi will create a momentum for the development of Vietnam-Egypt relations, said Egyptian Minister of Investment and International Cooperation Dr Sahar Nasr, Vietnam News Agency (VNA) reported.

In an interview on the visit given to Cairo-based VNA reporters, Nasr noted that since the establishment of the full diplomatic relations with Vietnam in 1963, the Egyptian government has considered Vietnam a close friend and a partner in success.

Egypt was the first Arab country to establish bilateral relations with Vietnam, while Vietnam opened its first commercial office out of Asia in Egypt, which is a pivotal evidence of how significant is the relationship between both nations, the Minister said.

These ties will ensure investors from both sides that their respective countries are empowering them to reach new milestones through their different investments in both countries, she said.

She noted that during her latest visit, along with the Admiral Mamish, the Egyptian government has expressed keenness on establishing more joint ventures between both nations through knowledge transfer from the unique Vietnamese experience in the fields of fisheries, ports management, information technology, garments and petrol refining.

These endeavors were expressed during the experts’ 5th round of the Egyptian-Vietnamese Joint Commission that was held in Hanoi on Aug 21-22, 2017. This happened after a pause of 10 years from the last joint commission.

These experts’ meetings focused on investment, trade, agriculture, education, tourism, and information technology.

The path to exemplary cooperative relations between both nations is very clear and has great short/medium/long-term goals — which will be discussed intensely during the President’s visit; as stated previously, both Presidents are looking forward to strengthening relations on all aspects, she said.

Egypt plans to attract US$30 billion of Foreign Direct Investment (FDI) and 30 per cent investment rate as a percentage of Gross Domestic Product (GDP), and to also target the industrial sectors that will contribute significantly in creating job opportunities and introducing new technologies, she noted.

Both countries have very strategic locations — geographically — and they are both members of various economic blocs such as the Association of Southeast Asian Nations (ASEAN), The Common Market for Eastern and Southern Africa (COMESA) and many others.

It is also worth mentioning that Egypt is currently executing reforms in all aspects: political, legislative and economical.

From the economic side, we are seeing full-fledged legislative reform plans, such as the new laws of insolvency, debt restructuring and real estate registration laws.

These reforms will allow business investors from Vietnam to come, settle in Egypt and grow their imports to Europe, Africa and Middle East in a very swift and effective manner, she said.

At the same time, the newly-adopted investment law of Egypt is expected to facilitate trade between the two nations and others and to create a healthy and transparent investment climate for both local and international firms, she added.

It is also focusing on boosting and empowering the SME’s sector, which, she believed, will be very attractive for investors in Vietnam.