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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Egypt aims to raise trade exchange with Iraq to $1 billion next year

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    Egypt aims to raise trade exchange with Iraq to $1 billion next year Empty Egypt aims to raise trade exchange with Iraq to $1 billion next year

    Post by Rocky Wed 28 Aug 2024, 5:00 am

    Egypt aims to raise trade exchange with Iraq to $1 billion next year

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    Economy News - Follow-up
    [rtl]Egypt aims to increase the volume of trade exchange with Iraq by about 41% to one billion dollars during the coming year, compared to 707 million dollars annually, according to an Egyptian government official who spoke to the “Asharq” website, at a time when major Egyptian companies expressed interest in investing in several sectors there in a meeting with the Iraqi Prime Minister.[/rtl]
    [rtl]The official's statements came hours after the visit of Iraqi Prime Minister Mohammed Shia to Egypt, where he met with a group of businessmen representing major Egyptian companies, who expressed their readiness to work in Iraq in various fields, especially the development road project, pharmaceutical industries, hospitals, infrastructure, and construction industries, according to a statement issued by the Iraqi Prime Ministry.[/rtl]
    [rtl]Al-Sudani pointed out during the meeting that “the doors are open to Egyptian businessmen and companies, whose presence in Iraq is important to us, due to their successful experiences, and within a political direction to lead the two countries towards more cooperation and integration,” according to the statement.[/rtl]
    [rtl]The government official added that according to the latest statistics, the value of Egyptian exports to Iraq amounts to about $700 million annually, while the value of imports from Iraq does not exceed $7 million.[/rtl]
    [rtl]In contrast, an Egyptian delegation headed by Deputy Prime Minister and Minister of Industry and Transport Kamel El-Wazir intends to visit Iraq on September 9, with the aim of completing procedures for strategic partnerships between Egyptian and Iraqi companies, and with the Iraqi government, according to what was revealed by Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce.[/rtl]
    [rtl]Ezz added that the meeting with Al-Sudani, which included representatives of several companies including Hisham Talaat Moustafa, Hassan Allam, Orascom and El-Sewedy, witnessed the presentation of “the contribution of Egyptian companies to the infrastructure in the field of housing and construction in Iraq,” adding: “We asked the Prime Minister to deal with Iraq as a partnership and not as a labor market, meaning that Egyptian factories will manufacture production requirements in Iraq, either by acquiring their troubled factories or partnering with them to operate them.”[/rtl]

    [rtl]Pharmaceutical Partnership[/rtl]

    [size]
    [rtl]Ezz explained that they also asked the Iraqi Council of Ministers to establish a partnership between the two countries in the field of medicines in stages, by establishing Egyptian factories to produce medicines, adding that Iraq imports 90% of its medicine needs, worth 3 billion dollars, revealing that the Iraqi side promised to issue government guarantees to Egyptian companies that will operate in Iraq.[/rtl]
    [rtl]This is not the first time that Egyptian companies have expressed a desire to work in Iraq. Last June, two Egyptian sources told Asharq that the Iraqi Ministry of Health was holding talks with Egyptian contracting companies to participate in the implementation and rehabilitation of 12 hospitals in the country with a total investment of $480 million.[/rtl]
    [/size]

    [rtl]Role of contracting companies[/rtl]

    [size]
    [rtl]In addition to the pharmaceutical sector, Egyptian contracting companies are moving towards expanding their business abroad and seizing business in countries that are allocating billions in investments for reconstruction and development, especially Iraq and Libya.[/rtl]
    [rtl]Iraq needs $88.2 billion to implement reconstruction projects inside the country, which witnessed great destruction during the war against ISIS, according to previous statements by the Iraqi Ministry of Planning.[/rtl]
    [rtl]Tarek Shukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries, said that the Iraqi Prime Minister addressed his country’s need to build 2.5 million housing units, and implement other projects in the fields of infrastructure, water, roads and utilities.[/rtl]
    [rtl]Shukri added to Asharq that the Egyptian Ministers of Investment and Industry will be a link between Iraq and Egyptian businessmen, especially with regard to the details of the required investment projects, land locations, offering systems, methods of granting them, financial transfers, granting visas, and other important matters for investors.[/rtl]
    [rtl]Shoukry said that the Iraqi Prime Minister promised to send all the details of the projects within two weeks.[/rtl][/size]


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