Lebanon, Egypt - $535 million trade exchange in 2009

Region: Egypt

Created: Apr 09, 2010, modified: Jan 12, 2012, overall rating: 0.000

Volume of trade exchange between Lebanon, Egypt hit $535 million in 2009 according to Egyptian sources.

Osama Saleh, Chairman of Egyptian General Authority for Investments and Free Zones (GAFI) said : “Economic relations between Egypt and Lebanon have greatly developed, especially after the visit paid by Egypt's President Hosni Mubarak to Lebanon in 2000.”

He noted that the volume of trade exchange between the two countries hit $535 million in 2009.

Saleh's remarks came during his meeting with members of the Egyptian-Lebanese Friendship Association, presided over by Nejad Shaarawi, Chairman of the Egyptian-Lebanese Business Association.

The meeting was attended by a host of Lebanese and Egyptian businessmen along with members of Lebanese embassy. Saleh said that, GAFI enables and sustains Egypt's economic growth through investment promotion, facilitation, efficient business services, and advocacy of investors' friendly policies.

Saleh said that the authority adopted some policies to welcome and facilitate private-sector investments in gigantic infrastructure projects.

He added that foreign and Arab investments have largely increased over the past six years in Egypt thanks to facilities and incentives offered to investors.

He further said that plans are underway to set up a fund to support small and medium-sized enterprises.

Upper Egypt is given top priority by GAFI with a view to promoting investment and development, adding that the authority has set up branches throughout Egypt's governorates.

For his part, Shaarawi hailed the depth of relations binding Egypt and Lebanon.

He further called for improving economic relations between the two countries, concluding that this would constitute the nucleus of wider Arab economic cooperation.

Global Arab Network