Egypt wants to do business with Pakistan: Ambassador Yacoub
M Jahangir Hayat
Lahore, March 29 – Egypt wants to do business with Pakistan,
Ambassador of Egypt Ahmed Fadel Yacoub while informing that a
sector-specific trade delegation from Egypt will visit Pakistan from
May 02 to explore trade and investment opportunities.
He was talking to the LCCI President Almas Hyder and Vice President
Faheem-ur-Rehman Saigal at the Lahore Chamber of Commerce & Industry.
Executive Committee Member Aqib Asif, Jameel A. Naaz and Rehmatullah
Javed were also present on the occasion.
“I am here with a simple message that Egypt wants to do business with
Pakistan”, the Ambassador said and added that brotherly and historic
relations between the two countries should be reflected in trade as
both countries have a lot of potential.
He said that Egypt is importing rice via Dubai and wants to import
this commodity from Pakistan. He said that Pakistan is a country with
over 200 million people and a big market for Egyptian businessmen. He
said, the bilateral trade balance does not exceed 200 million dollars
a year which does not reflect the potentials of both countries. He
said that Egypt is a country with a strong and flourishing economy. He
said both Egypt and Pakistan enjoy historical relations that date back
to even before the establishment of Pakistan. The ambassador told that
Allama Iqbal visited Egypt many times.
He said that Pakistani businessmen want to do business with Egypt
would have extra benefits. He said that Egypt wants to encourage trade
and joint ventures would give priority to imports from Pakistan. He
invited the Pakistani businessmen to come Egypt and explore trade and
investment opportunities. He said that improvement in legal framework
to protect the business would also help boost trade and economic ties.
The LCCI President Almas Hyder said that the Lahore Chamber of
Commerce & Industry is planning a delegation for Africa to establish
new business contacts. He said that Egypt Embassy has always responded
positively to any initiatives taken by LCCI like Ambassadors’ Dinner,
OIC Conference and Africa Day etc.
Almas Hyder said that close relations between two countries are not
fully reflected in two way trade. Egypt comes at 40th and 39th places
respectively among the top importing and exporting destinations for
Pakistan. For exploiting untapped potential both Egypt and Pakistan
need to explore opportunities jointly.
The total size of bilateral trade came down to dollar 208 million in
2018 which was dollar 231 million in 2017. Pakistan’s exports showed
some improvement during that tenure by reaching dollar 83 million from
dollar 77 million. It was due to decline in imports from Egypt to
Pakistan which decreased from dollar 154 million to dollar 125 million
in last two years. Pakistan exports woven fabric, cotton yarn,
medicaments and some surgical instruments to Egypt. The imports from
Egypt consist of sanitary towels, seeds and raw cotton etc.
The LCCI President said that Pakistan being an agricultural economy
can supply both semi-processed and processed foods to Egypt. In 2018,
Egypt imported wheat & meslin worth dollar 2.6 billion, maize worth
dollar 1.7 billion, meat worth dollar 1 billion and sugar dollar 0.8
billion. Let Pakistan manage to take some share in these items.
He said that Egypt is considered to be one of the top destinations in
the world for tourists. Pakistan offers a wide spectrum of tourism
ranging from religious to historical places and ancient civilizations
to modern architecture.
We have utilized only a fraction of the tourism potential available in
our country. We would like to take benefit of expertise and techniques
adopted by Egyptians to attract maximum foreign tourists.