In pursue of strengthening relations and developing reciprocal cooperation, the Canada Egypt Business Council (CEBC) and the General Authority for Investment and Free Zones (GAFI), signed a memorandum of understanding with an overview for mutual cooperation, promoting and attracting investments from Canada to Egypt. Defining to Canadian investors the promising opportunities and facilities offered by the government of Egypt. As well as assisting Egyptian companies in identifying market opportunities in the Canadian markets.

The signing ceremony was held at the Canadian Ambassador, The Hon. Ferry de Kerckhove’s residence in the presence of distinguished guests from CEBC members, guests and government officials.

In his welcoming remarks, Eng. Motaz Raslan, Chairman, Canada Egypt Business Council stated that signing this protocol represents a continuity of the mutual cooperation between GAFI and CEBC in the pursue of strengthening the business relations and joint efforts. That is in addition to establishing a practical framework for the development of stronger relations and to set forth the procedures of cooperation, which can enhance the implementation of GAFI and CEBC mutual objectives. Eng. Raslan highlighted and praised the role of the Canadian Embassy in Egypt under the leadership of Amb. Ferry de Kerckhove and his efficient staff, in strengthening ties between the two countries in addition to supporting the Council’s activities in every possible way.

Mr. Osama Saleh declared the increase of the Canadian investments in Egypt with speculation of more than 302 million US dollars, 60% attained during the past five years. The number of Canadian companies in Egypt has increased to more than 329 companies, 79% in the industrial sector and 5.8% in the tourism sector. He pointed out that Canada; having developed markets can cooperate in many industries adding high value to different sectors which include technology, telecommunications, insurance, real estate and finance. He stressed on the fact that this cooperation protocol aims to coordinate efforts between the two countries, receiving Canadian delegates as well as promoting trade missions organized by Canada Egypt Business Council to Canada. He also sees that enhancing exchange of training programs, information and looking at the directions of Canadian investors thus facilitating opportunities provided by the Egyptian government in such areas to attract Canadian capitalists is the key to successful business partnerships, and from that point the future will witness the growth of Canadian investments in Egypt as well.

Mr. Motaz Raslan, in his remarks, delved into the importance of the Canadian market to Egypt, characterizing it with the existence of significant opportunities for the Egyptian market and services. “The circumstances are very favorable for the development of bilateral relations between both countries in all fields, a privilege to enhance the prosperity of Egypt”, commented Raslan.

Ambassador Ferry de Kerckhove acclaimed the role performed by the Canada Egypt Business Council in deepening the bilateral relations between Canada and Egypt, praising all the efforts exerted, adding that this protocol will definitely have a great positive impact in promoting investment between both countries as well as supporting the joint efforts of GAFI and CEBC to encourage any cooperation between Egyptian and Canadian companies.