By Hisham Ibrahim, Sanaa Allam

Egyptian Trade and Industry Minister Tarek Qabil met Tuesday with Lebanese Agriculture Minister Ghazi Zoaiter to discuss means of mutual cooperation in agriculture and trade fields. During
the meeting, Minister Zoaiter announced that Lebanon is the 13th
largest investor in Egypt since Lebanese investments in the Egyptian
market worth US$2.8 billion. These investments are injected into 1,342
projects in fields of agriculture and textiles in addition to chemical,
electrical, and paper industries.

Zoaiter met with the Egyptian minister during his first official visit to Cairo after forming the new Lebanese government. The
Egyptian Minister emphasised on government’s keenness to deepen
economic cooperation with Lebanon and raising joint trade rates and
investments within the upcoming period. Both sides agreed on removing all obstacles facing trade flow between Egypt and Lebanon.

“Lebanon
is the gate for Egyptian exports to enter Africa among ‘Egypt- Lebanon
to Africa’ Initiative”, Qabil added, clarifying that Egyptian exports to
Lebanon rose by 65 percent in 2016. Egypt’s building materials
sector was the largest exporter to Lebanon since its exports recorded
US$277 million in 2016, making a 225 percent increase, the minister
noted.

He pointed out that Egypt’s exports of potatoes are expected to rise to 60,000 tonnes in 2017 from 50,000 tonnes in 2016. During
the meeting, Qabil discussed the Lebanese suggestion to pay the value
of Lebanese apple imports to Egypt with the Egyptian pound

On the
other side, Qabil pointed out to the vital role of Egyptian-Lebanese
Business Council to link Egyptian and Lebanese governments and business
societies as pursuant to the role of the private sector in both states
to enhance joint economic ties.

© IRNA 2017