Philippe Lubiedia, the director of economic relations at the Chilean Ministry of Foreign Affairs, said in an interview with Al-Ahram Arabic newspaper that Chile will start later this year advanced negotiations to launch a free trade zone with Egypt.
Investors in both countries are looking forward to the establishment of a free trade zone to strengthen economic relations between the two countries, said Lubiedia.
"A feasibility study for the establishment of the free trade zone is being completed," he said.
Lubiedia added that Egypt has carried out important economic reforms during the last three years and has gained the confidence of international institutions, and the Egyptian economy has become attractive to investors.
"There are very good opportunities to encourage corporation between the private sectors in the two countries," he said.
"During our mission to Cairo, we held a number of meetings with senior government officials as well as Egyptian businessmen. We have noticed the interest of the Egyptian businessmen in the Chilean market as an important regional center for Egyptian products," Lubiedia said.
“We also held meetings with the Ministry of Investment, the Suez Canal Economic Authority, and the General Authority for Investment. During these meeting officials explained the investment opportunities available in Egypt and the new procedures aimed at facilitating investment procedures.”
The Chilean official affirmed that economic cooperation between the two countries includes many sectors, especially in agriculture and tourism.