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Egypt Plans to Invest $1 Billion in Progressing Pakistan

18/10/2019

Egypt Plans to Invest $1 Billion in Progressing Pakistan

Egypt has a plan to invest around 1 billion dollars in Pakistan in the coming year. As per the details, the investment is said to be made in energy, construction, pharmaceutical, food chains and tourism sector.

According to Ahmed Fadel Yaqoob, the ambassador of Egypt to Pakistan, Egypt enjoys strong bilateral relations with Pakistan and looks forward to boosting bilateral cooperation. The said investment is the result of this cooperation, which will further strengthen the ties between both countries.

Recently, Ahmed Fadel Yaqoob visited the Rawalpindi Chamber of Commerce and Industry (RCCI) with a team of 16 Egyptian businessmen headed by Ahmed Anter, First Undersecretary and Head of Egyptian commercial service. The businessmen are looking to participate in RCCI International Rawal Expo 2020 to be held in March, 2020.

The ambassador also revealed that Egypt will become a Hepatitis free country in 2020 and is willing to offer its services to Pakistan to become a Hepatitis free country as well. The ambassador underscored the need to undertake joint measures in health and pharmaceutical sectors to bring down the number of hepatitis cases in Pakistan.

To explore investment opportunities in Pakistan, a joint working group has been founded between Egypt and Pakistan. Anticipating the happenings, the Ministry of Commerce announced to provide incentives to Pakistani companies eager to invest in Africa under the "Look Africa" initiative.

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