Canada Egypt Business Council & the Egyptian Business Council for International Cooperation had the honor to discuss the opportunities for cooperation between Egypt and Romania in various fields, and ways to strengthen economic relations during this critical period. with the participation of: H.E. Mr. Iulian Cristian SIMU; First Undersecretary of the Ministry of Military Production for the Republic of Romania, Amb. Raouf Saad; Chairman of the National Bureau for the implementation of Egypt- EU Association Agreement , and Mr. Mohamed Youssef; General Authority for Investment & Free Zones-(GAFI)

In the opening remarks Ms. Rania Wagdy; CEBC & ECIC Executive Director, welcomed our dear distinguished members and guests. And also welcomed our speakers Mr. Lulian Cristian SIM; First Undersecretary of the Ministry of Military Production of the Republic of Romania and the accompanying delegation, as well as Amb. Raouf Saad and Mr. Mohamed Youssef.

Ms. Rania Wagdy said “there is no doubt that this seminar comes at a time of exceptional circumstances and that we are lucky to have this meeting and this great opportunity despite these circumstances”.

Then she continued that this seminar to discuss and consult on opportunities for cooperation and to strengthen economic and trade relations between the two countries. This is a good start and, fortunately, comes not too long after the suspension of visits and bilateral meetings.

She mentioned that over the past few years Egyptian-Romanian relations have witnessed a great development and a tangible and distinct start, and keenness from the leaders of the two countries to strengthen and develop relations of mutual cooperation in various fields.

She also mentioned that Egypt is a large market with more than 90 million people and it may prove to be a big and attractive market for investors. Egypt also has a lot of technically advanced goods, products and industries that can prove very popular in Romania.

Finally she highlighted that since Egypt has many appealing opportunities with hundreds of national projects in various sectors and regions Furthermore, Egypt has made important amendments to its investment law facilitating administrative procedures for investors, and this may be encouraging for you and us to make good use of such prospects.

Then she gave the floor to Amb. Raouf Saad, said Romania being a member of the EU is an asset to explain what it means to have a transition, difficulties, and challenges as the EU is getting much involved in; hoping H.E. discuss with the Egyptian officials’ these opportunities, challenges and explain as well as exchanging ideas, views and practices on how to move because we are heading to a new world by 2050 as Romania, like the rest of the European Union, is looking for new markets for investment, as a kind of immunity, and because of the Corona pandemic, EU countries are seeking to rely on new countries in supply chains to avoid sudden crises.

Then Amb. Raouf mentioned that before Romania joined the EU, Egypt and Romania enjoyed strong political and economic relations and had fruitful relations in many different fields. But with Romania’s accession to the EU, Egyptian-Romanian relations became more prosperous.

H.E. Mr. Iulian Cristian SIMU; First Undersecretary of the Ministry of Military Production for the Republic of Romania said that Egypt is an important and strategic trading partner in the region, and his country aims to encourage joint investment in many priority sectors, including industrial fiber, heavy equipment, tractors, and military and civil production.

He added that Romania is characterized by many sectors that represent real opportunities for cooperation and exchange of experiences including small and medium industries, agriculture, tourism and chemical industries, as well as the security and defense industries as well as projects of digital transformation and artificial intelligence as well as he explained that this was the first visit by a multi-activity Romanian delegation after the Coronavirus crisis.

According to the memorandum of economic relations of the European Union administration with trade representation and data of the General Authority for Investment and Free Zones, Romanian investments in Egypt at the end of May 2020 ranked 43rd among the most important investors in the domestic market.

The number of Romanian companies in Egypt reaches 81 companies with a source capital of 225.1 million dollars, and is based in the sectors of tourism, industry, services, telecommunications and information systems, as well as construction and real estate investment.

Bilateral trade reached 811 million euros in 2019, while it registered about 409 million euros from January to August 2020.

Egypt’s most prominent exports are fertilizers, medicines, electrical cables, vegetables and fruits, and chemicals from plastics and plastics, as well as agricultural crops.

Mr. Mohamed Youssef; Chairman of the General Authority for Investment & Free Zones, began his words saying Egypt over the past 6 years reached to be an important hub in the MENA region as we own the best location in the heart of Africa, Europe and Asia with a population of 113 million accordingly have cheaper investment services to manufacture than Europe, China with a lower labor cost with all facilities like energy, food…etc.

He talked about the new governmental Mega projects that already stared and are very successful like Al Alamin city and the New Capital City. He also mentioned other new projects in Egypt like The New Furniture City, the new Leather City and the new Textile City.