Volume of inter-trade bet. Egypt, Europe hit 20.6 bn euros

The volume of trade exchange between the European Union (EU) and Egypt in 2016 reached 20.6 billion euros and the total investments of the EU in Egypt hit 8 billion euros, Chargé d'Affaires of the EU Delegation to Egypt Reinhold Brender said.

He made the remarks during a press conference held Thursday to announce the new strategy for industrial development and foreign trade with the participation of the Federation of Egyptian Industries, the Federation of Egyptian Chambers of Commerce and export councils. 

The strategy depends on Egypt’s Vision 2030 and the special framework of the Trade and Industry Ministry and its affiliated bodies, Brender added.

It also covers joint topics between the industrial and trade sectors and vocational training and energy, he asserted. 

In case of this strategy was implemented well, it would contribute to increasing exports and reducing the budget deficit to strengthen the economic growth, according to Brender.

The EU is keen on bolstering the trade exchange volume with Egypt, Brender noted, highlighting the EU’s support to Egypt during the coming period.