The Egyptian Commercial Service (ECS) has said it is ready to follow up on the developments at the Egypt Economic Development Conference and to communicate with foreign companies attending the event.
Head of ECS, Mohamed Daoud, told Al-Masry Al-Youm that the agency will be happy to receive companies’ inquiries within a week after the end of the summit, as well as put them in contact with Egyptian officials and advise them over investing in Egypt.
Daoud noted that the new investment law will be sent to commercial offices abroad which should, in turn, distribute it to investors after the document receives the final approval from the presidency. He explained that ECS offices are in charge of updating foreign governments and investors with regard to new laws and measures adopted back home.
Meetings will be held with the trade and economy ministers of China and Russia on the sidelines of the conference, he added.
The meeting with the Chinese minister of trade will focus on the formation of a quadripartite panel to follow up on Chinese investments in Egypt. The Chinese delegation to the conference will also include representatives from the Export-Import Bank of China, which will participate in an electric train project in Egypt, an investment valued at US$1.5 billion.
The meeting with the Russian economic development minister will tackle a number of projects of interest for the Russian side, such as the restructuring of factories established by Russia in Egypt the 1960s, including Iron and Steel Mill.
Daoud noted that a program of restoration of that plant is currently being studied, and that another rebuilding project offer has been presented by India. Indian investments in Egypt are currently as large as $2.5 billion, he added.
The Egyptian trade minister and the Russian minister of agriculture are scheduled to meet in April, according to Dauod. Recently, a meeting between customs officials from both countries was held, where both parties discussed issues related to Egyptian exports to Russia, especially of citrus fruits.
According to Dauod, 50 German companies and investors are expected at the conference, including Siemens CEO Joe Kaeser as well as officials from Germany’s energy and economy ministries led by Stephan Steinlein, State Secretary of the Federal Foreign Office.
He added that Spain is also sending a delegation representing 28 major companies headed by José Manuel Soria López, the minister of industry, energy and tourism.
According to Daoud, the Japanese delegation will be headed by Parliamentary Vice-Minister for Foreign Affairs Kentaro Sonoura.
Lebanon’s Prime Minister Tammam Salam will head his country’s delegation to the conference, said Daoud, who added that other Arab guests attending the event include the Algerian delegation led Prime Minister Abdelmalek Sellal, accompanied by ten major businessmen as well as the minister of industry.
The deputy chief of the European Investment Bank, Ambroise Fayolle, will also be present, as well as US Secretary of State John Kerry and the Secretary General of COMESA, Sindiso Ndema Ngwenya.
