Sisi visit aims cooperation with Portugal

Trade and Industry Minister Tareq Qabil said that President Abdel Fattah El Sisi's visit to Lisbon aims at promoting cooperation with Portugal and the economic and political bloc "Mercosur" in all fields, particularly in trade and investment ones.

In statements to reporters on Monday, Qabil said that strengthening economic and trade ties with Portugal will in turn boost Egypt's ties with Portuguese-speaking countries in Africa and the Southern Common Market (Mercosur) that groups Argentina, Brazil, Paraguay, Uruguay and Venezuela.

Egypt could export its products to Mercosur country through Portugal, which is the main trading partner to its member states, the minister said. Egypt could also be an export hub for Portugal, he added.

Sisi's current visit to Lisbon mainly aims at promoting historic relations between the two countries and shoring up ties between Egypt and Mediterranean countries, Qabil said. He further lauded Portugal's stances in support of the Egyptian people's will and the June 30 Revolution. 

Trade exchange between Cairo and Lisbon amounted to 194 million euros in 2015, he said. 

Egypt's exports to Portugal increased to constitute 70 percent of the total volume of trade exchange in 2016, the minister said. While Egypt's imports from Portugal represented 30 percent, he added.

The volume of Portugal's investments in Egypt, particularly in the fields of communications and IT technology and ready-to-wear clothing, is estimated at nearly 404 million euros, Qabil said.

The two sides are expected to discuss a host of economic-related matters, topped by the establishment of the Egyptian-Portuguese business council.

The talks will also focus on setting a date for the convocation of the joint committee that had not met since 2011. 

The Egyptian side and Portuguese businessmen will also discuss available investment opportunities in Egypt, especially in the leather, information technology and textiles fields.

Sourc: MENA