Egypt eyeing boosted trade relations with Finland

Egypt is acting to expand its economic cooperation with Finland, the country's trade and industry minister, Tareq Qabil, has stressed.

Cairo is working to increase inter-trade and joint investments with Helsinki, said minister plenipotentiary Ali el Leithi in a speech delivered on behalf of Qabil during an Egyptian-Finnish business forum Tuesday. 

Leithi put the current volume of trade exchange between the two countries at 400 million euros, believing that figure does not reflect ambitions of both sides to increase inter-trade.

He pressed for exerting further efforts to push up trade exchange, noting that this could be done through visits by business people to explore investment opportunities here and there.

The Egyptian government has outlined an economic reform plan, which is given top priority in the current stage, Leithi told the forum. He made it clear that a comprehensive strategy to achieve economic development by 2030 is being adopted.

If everything works according to plan, Egypt, should, by then, become one of the world's major economies, Leithi noted.

The new strategy has in its heart the aspects of social justice, modernization, economic development and the environment, he said, adding that it is meant to improve the living conditions of Egyptians.

He underlined the importance of implementing mega projects, in which Finnish companies can very well find plenty of opportunities to put their money into. 

One such mega project is the Suez Canal Corridor, which includes many ventures in the fields of energy, water treatment and the building of ports, Leithi said.

He also touched upon projects to expand the road network and build new power plants, airports and harbors, not to mention the reclamation of 1.5 million feddans and the new administrative capital. 

Finnish firms have a very good chance to invest in the Egyptian market with its 90 million consumers, Leithi said, noting that Egypt can serve as their gate to Africa and the Arab world.

Egypt is signatory to big trade agreements with many countries and regional economic blocs that can open the door to as many as 1.6 billion consumers, he reminded.

The Egyptian government is greatly counting on the private sector in its efforts to achieve sustainable economic development, improve resources and increase exports, Leithi further said.

The aim is to boost national industry to help take growth rates up to an annual of eight percent, the minister plenipotentiary said, adding that industry should contribute to 22 percent of the Gross National Income, thus securing some three million jobs.

Leithi also pointed to a number of legislative and institutional measures taken by the government to achieve economic reform, citing the value-added tax law, the amended tender law, the civil service law and the industrial licensing law.