Second Egyptian-Lebanese business forum gate for economic cooperation

Head of Egyptian Commercial Service Office in Beirut Mahmoud Mazhar said on Saturday that the Second Egyptian-Lebanese Business Forum opens the door to new horizons of economic cooperation between the two Arab countries.

Speaking to MENA, Mazhar said the event is planned to inform the Lebanese businessmen with investment opportunities in Egypt.

The two countries have an opportunity to agree on economic integration through the establishment of new factories, the official said.

The new factories may result in new cost efficiency which leads to better competitiveness on foreign markets, he added.

Egypt is the eleventh exporter to Lebanon with a total value of $529 million, according to 2014 official figures, Mazhar added, saying Egypt is the eighth importer of Lebanese products by $84 million.

Businessmen from both sides are expected to discuss freeing trade on agriculture products and facilitating movement of Egypt-made-products into Lebanon, Nona Wahba, a consultant at the office told MENA.

Also, they are scheduled to study concentrating cooperation on value-added manufacturing including the pharmaceutical industry, she said.

The Lebanese mission to the meeting is planning to discuss incorporation of new joint ventures with the Egyptian side to reach the African markets, Wahba added.

The delegation includes 90 Lebanese companies and investors, she said.

The forum, planned to be held in Cairo on Tuesday, will be organized by the Egyptian Lebanese Businessmen Friendship Association and Al Iktissad Wal-Aamal Group, in cooperation with the Egyptian Embassy in Lebanon, the Lebanese Embassy in Egypt, Federations of Chambers in both Lebanon and Egypt and the Egyptian Commercial Service.