Egypt s Minister of Trade Ahmed Samir meets with Austrian Ambassador to Cairo Georg Stillfried, 19 April 2023. Cabinet
The move comes as the volume of trade exchange between the two countries increased by 20% last year, reaching around $339.5 million.
The trade minister, Ahmed Samir, highlighted the importance of increased coordination between his ministry and the Austrian Chamber of Commerce to provide reliable information to the Austrian business community on investment opportunities and regulations in Egypt, with the aim of increasing Austrian investments in the future.
Meanwhile, the Austrian Ambassador to Cairo, Georg Stillfried, expressed Austria's keenness to expand economic cooperation with Egypt and invest in the Egyptian market as part of its investment plans in Africa.
Austrian investors have already contributed to 173 projects across a range of sectors in Egypt, including industry, services, tourism, construction, finance, agriculture, telecommunications, and information technology, according to Samir.
The Egyptian minister urged Austrian companies to take advantage of investment opportunities in the Suez Canal Economic Zone and the investment incentive packages offered by Egypt to investors in the region, with a focus on infrastructure, transportation, communications, port development, and logistics projects.