Egypt works on attracting Romanian investments

Advert Travel Gazette

– The Egyptian investment minister has held talks  with senior Romanian officials in Bucharest on the investment opportunities in Egypt, the Egyptian Investment Ministry said in a statement.

Egypt’s Investment and International Cooperation Minister Sahar Nasr met with Romania’s Deputy Prime Minister Sevil Shhaideh, and presented prospect investments for Romanian businessmen in Egypt, including projects in the Suez Canal economic zone and the under-construction new administrative capital city, said the statement.

“Nasr stressed the importance of distinguished economic relations with Romania, which enjoy a high level of coordination and close points of view,” the statement added.

The Egyptian minister flew to Romania to co-chair a meeting of a joint economic committee to enhance economic cooperation between Cairo and Bucharest.
For her part, the Romanian deputy prime minister commended the ongoing economic reforms in Egypt and said they would improve the investment environment in the Arab country.

Egypt has been facing economic recession over the past few years due to political turmoil and relevant security issues, leading to declining tourism and foreign investments amid growing budget deficit, inflation rate and foreign and domestic debts.

The country started last year a three-year economic reform program, which includes austerity measures, energy subsidy cuts and a floating exchange rate.

Egypt’s reform program is supported by a 12-billion-dollar loan from the International Monetary Fund, a third of which has already been delivered to Egypt in two tranches.

Travel Gazette Ads