June 24, 2019
Rubens Hannun, Head of Arab-Brazilian Chamber of Commerce, said that Brazilian investors have a real desire to invest in Egypt, particularly in the Economic Zone of the Suez Canal.
During the Egyptian-Brazilian Forum, attended by a delegation of 22 Brazilian companies, Hannun declared that Brazilian businessmen seek to have partnerships and long-term projects in Egypt, according to a statement from the Ministry of Investment on Sunday.
Hannun also invited the Ministry of Investment and Egyptian businessmen to visit Brazil to see the Brazilian experience and learn about the investment opportunities there.
The Brazilian companies participating in the Forum have current investments in Egypt in various fields, amongst which are trade, tourism, information technology, energy, agriculture, media, small and medium enterprises and construction.
The Ministry of Investment said that Egypt has recently carried out a reform and development economic program. This program includes better legislative modifications concerning investment laws and regulations, as well as laws related to the establishment of companies and capital market. It also includes the establishment of major national projects that have the ability to attract investment and facilitate work such as the Economic Zone in the Suez Canal, the New Capital, Al-Almain and the National Roads Network.
The aforementioned statement, issued in the Egyptian-Brazilian Forum, indicated that there are various opportunities to invest in Egypt. Such opportunities include major national projects, as well as partnerships with the private sector, which the government seeks to enable to lead the economic growth and entrepreneurship.
As for Admiral Mohab Mameesh, Head of the Suez Canal Authority and Economic Zone, he said, “13% of the world trade passes through the Suez Canal.” He explained that the Suez Canal Economic Zone comprises more than 160 investment projects.
“The Egyptian government is exerting much effort to attract investment projects,” said Emad Al-Suwaidi, Chairman of the Egyptian-Brazilian Business Council. He added that the successful experience of Brazilian businessmen in Egypt has motivated other groups of Brazilian investors to come to Egypt and benefit from all the incentives and guarantees granted by the Egyptian economic laws.
“This is the most important Brazilian investment delegation ever visited Egypt,” said Ambassador Roy Amaral, the Brazilian Ambassador to Cairo. He also added that Egypt’s achievements in respect to legislation, economic growth and investment attract the attention of investors in Brazil and the world at large.
In addition, Amaral stated that some Brazilian investors actually have investment projects in Ain Sukhna and Amriyah in Egypt. However, there are new groups of investors who are willing to enter the Egyptian market now. They have come to know more closely about the Egyptian achievements in its economic reform.