Canada eyes expanding investments in Egypt

Doaa A.Moneim , Wednesday 21 Apr 2021

Egypt’s mega projects in various sectors open broad horizons for investors in Egypt, said Maait

Mohamed Maait and Louis Dumas
Egypt’s Minister of Finance Mohamed Maait with Canadian Ambassador to Egypt Louis Dumas during their meeting on Wednesday April 21, 2021.

Canada wants to expand its investments in Egypt, benefiting from the national mega projects that are being implemented in the country, said Canada's Ambassador in Egypt Louis Dumas.

Dumas made his statement during a meeting with Egypt’s Minister of Finance Mohamed Maait on Wednesday.

“Egypt is one of the largest commercial partners to Canada in Africa, which reflects the solid ties between the two countries. Also, there is a political will to develop bilateral cooperation for the sake of achieving common interests,” said Dumas.

He noted that Canada is eager to boost bilateral developmental and economic ties and support Egypt’s Vision 2030. Canada also wants to advance experience-sharing cooperation between its institutions and Egypt’s finance ministry, with focus on the latest technological updates in the ministry, he added.

Maait said that Egypt is looking forward to bolstering joint developmental, economic, and trade ties to increase Egypt’s exports and promote Canadian investments in Egypt, especially in the securities field.

Maait pointed out that he is eager to hold meetings, via the Egyptian-Canadian Business Council, with Canadian investors in the Egyptian market in light of the government’s efforts to create an investment-friendly environment, promote investment opportunities, and facilitate the work of investors.

Maait noted that Egypt is keen on increasing investments in the developmental sectors under Egypt’s Vision 2030, adding that the national mega projects being implemented in various sectors open broad horizons for investors in Egypt.

In 2018, trade flow between Egypt and Canada amounted to $1.3 billion, with total Canadian exports to Egypt recording $395 million.

Topping the list of Canadian exports to Egypt are iron, steel, and leguminous vegetables.

Gold is Canada’s top import item from Egypt, accounting for 90 percent of the total Canadian imports from Egypt in recent years, besides textiles and clothing.  

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