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Harnessing Trade Potential
The forum, hosted by the Egyptian government in the New Administrative Capital, brought together key stakeholders to discuss expanding trade ties. Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, emphasized the importance of the forum in fostering deeper economic integration and investment collaboration.
El-Khatib highlighted the newly signed Free Trade Agreement (FTA) as a significant step towards achieving higher economic growth rates. He noted that the FTA would eliminate customs barriers, promote industrial growth, and advance technological development.
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— DD Geopolitics (@DD_Geopolitics) July 13, 2024
Egyptian President Abdel Fattah El-Sisi and First Lady Entissar El-Sisi welcomed Serbian President Aleksandar Vučić and his wife at Al-Ittihadiya Palace. The official reception included an honor guard inspection and the playing of national… pic.twitter.com/YDUboa55gO
Economic Resilience and Investment Climate
El-Khatib also shed light on Egypt’s economic resilience, pointing to positive improvements in macroeconomic indicators.
He highlighted rising foreign exchange reserves, a stable exchange rate, and robust foreign investment inflows, with Egypt anticipating annual growth rates of 4%.
“We agreed on the importance of committing to enhancing long-term relations in all fields, through effectuating the agreements signed today (yesterday), particularly the Free Trade Agreement, which will significantly boost economic and trade cooperation between our countries,” al-Sisi said, in a joint press conference with Vucic, following their talks.
El-Khatib further emphasized Egypt’s commitment to fostering a conducive environment for investment and economic growth. He pointed to key decisions implemented under President Al-Sisi’s directives, including amendments to the Investment Law, streamlined investment procedures, and the establishment of special free zones for various service activities.
Strategic Locations and Market Access
Serbia’s Minister of Domestic and Foreign Trade, Tomislav Momirovic, commended Egypt’s strategic location as a gateway to African markets for Serbian companies seeking to expand their export reach. He also acknowledged the importance of Serbia’s strategic position in facilitating access to global markets for Egyptian products.
Uniting Efforts for Trade and Investment
Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce (FEDCOC), highlighted Egypt’s position as a hub for trade, logistics, agriculture, industry, and tourism. He emphasized ongoing efforts to create an investment-friendly climate through updated business laws, regulations, and infrastructure development, alongside major economic reforms and job creation initiatives.
Serbia as a Partner in Manufacturing
Marko Cadez, President of the Chamber of Commerce and Industry of Serbia (CCIS) expressed optimism that the FTA would pave the way for enhanced collaboration between Egypt and Serbia. He emphasized Serbia’s potential as a supplier of industrial inputs for joint manufacturing ventures in Egypt, aiming to increase joint exports to other countries.
Digital Platform to Facilitate Trade
The forum also showcased a digital platform designed to streamline trade and investment procedures between the two countries. The platform highlights export and import opportunities, outlines customs incentives under the FTA, and details the process of establishing a company in Serbia. Participants were encouraged to utilize the platform for successful collaborations.
The Egyptian president stressed the mutual interest of both countries to strengthen their“historical friendship,” which dates back to the establishment of diplomatic relations in 1908.
For his part, the Serbian leader said, the deals signed in Cairo“will contribute to strengthening the ties of commercial, economic, and industrial cooperation between our two countries.”
There will be increasing visits by Serbian investors to Egypt in the coming period, and“we surely welcome Egyptian investors in Serbia,” the Serbian president told the joint press conference.
He underlined the growing military cooperation between Egypt and Serbia, noting that,“there will be joint military exercises between the armed forces of both countries.”
The two leaders also exchanged views on various international and regional issues, including the Ukrainian crisis, the developments in Sudan and Libya, and the current conflict in the Gaza Strip.
