Romania, Egypt to collaborate to develop economic relations

Bilateral trade growth and opening of markets in North Africa and the Middle East for Romanian companies represented the main topics for discussion at the 3rd session of the Joint Inter-Governmental Committee for Economic, Scientific and Technical Cooperation in Egypt, informs the Ministry for Business Environment, Trade and Entrepreneurship. The official visit to Egypt took place over February 27-28, 2019, when Minister for the Business Environment, Trade and Entrepreneurship Stefan-Radu Oprea was welcomed in Cairo, by Mostafa Madbouly, the Prime Minister of the Arab Republic of Egypt. The Romanian official also met Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy, Mohamed El-Assar, Minister of Military Production, Amr Adel Nassar, Minister of Trade and Industry, Tarek El Molla, Minister of Oil and Mineral Resources and Mrs Sahar Nasr, Minister of Investments and International Cooperation. Discussions with the Egyptian officials focused on the development of the economic and trade relations, the increase of mutual investments and industrial cooperation, including through joint-venture type of projects. Stefan-Radu Oprea was accompanied by representatives of some companies such as Romelectro, Energomontaj, Transgaz, Aegenea Oil Consulting, Romarc and of the chamber system in Romania. The main topics for discussion at the bilateral meetings were related to the updating of the bilateral legal framework that facilitates businessmen's access to the areas of interest, including through joint projects, the Romanian companies' interest in getting involved in major development projects in Egypt. Recently, the Romanian and Egyptian businessmen have met to materialize some energy projects (building of electrical plants, transportation and distribution services), equipment for gas and oil extraction, petrochemistry, wagons or tourism. Other topics were related to industrial cooperation, in view of satisfying the technological needs of the two economies and contributing to the increase in the business volume, promotion of investment opportunities for joint-ventures, especially in the industrial sector, and also the joint participation in projects in third states, especially in areas where Romania and Egypt benefit from preferential treatment, according to the bilateral or regional agreements, sustainable development and diversification of bilateral trade. The official visit was organised in the context of the 3rd session of the Joint Inter-Governmental Committee for Economic, Scientific and Technical Cooperation, co-chiared by Ministers Stefan-Radu Oprea and Sahar Nasr. The Protocol of the Session shows that the parties will work to develop cooperation in the following fields: investments, bilateral trade, industry, energy, agriculture, water and environment, information technology and communications, transport, tourism, education, youth and sports. In this context, Minister Stefan-Radu Oprea signed two Memorandums of Understanding, one with the Ministry for Investments and International Cooperation in Egypt, for the promotion of cooperation in business on third markets, and the other one with the General Authority for Investments and Free Zones, for cooperation in investments, promotion of start-ups and entrepreneurship. Minister Stefan-Radu Oprea also met Abdel Moneam Al Tarras, the Executive President of the Arab Organization for Industrialization - AOI. The two parties agreed on the development of relations between Romanian companies and AOI, through projects to be carried out in Egypt and Africa. Concretely, Romanian companies will receive invitations to open production lines in North Africa based on their partnership with AOI, where these production units will benefit from the free trade agreements concluded with states in Africa. AOI is a state-owned entity with its own budget, operating both in the defence industry and in the civil sector - energy, infrastructure. "This is a very good moment for us - for Romania is currently exercising the presidency of the Council of the EU and Egypt presides the African Union. Private companies have now the chance of expanding their markets and production capacities, based on the synergies related to the natural resources and technologies of both states," said Stefan-Radu Oprea. Egypt is the most important market for the Romanian exports in Africa and the Middle East. In 2018, the total volume of the bilateral trade reached 918.1 million US dollars, an annual growth by 45.23 per cent. Romania's exports totalled 796.9 million US dollars, an annual growth of 58.2 per cent. The main products exported belong to the following categories: plant products, mineral products, wood, plastics and rubber, common metals, electrical machinery, cars. The most important products are the plant products, chemical products, foodstuffs, plastics and rubber, textiles. AGERPRES (RO - author: Carmen Marinescu, editor: Andreea Marinescu; EN - author: Cristina Zaharia, editor: Adina Panaitescu)