Egypt interested in expanding economic cooperation with Latvia

21.06.2019. 08:35

On 20 and 21 June 2019, Latvia hosts a business mission of the Egyptian Business Council for International Cooperation headed by its Chairman, Motaz Raslan. Its aim is to present Latvia’s offer in the fields of information technology, food industry and agriculture. The visit has been organised in association with the Embassy of Latvia in Egypt, the Investment and Development Agency of Latvia (LIAA) and the General Authority for Investment and Free Zones (GAFI).

A business seminar that took place at the Ministry of Foreign Affairs on 20 June was opened by the Head of the Economic Relations, Trade and Development Cooperation Directorate, Juris Štālmeistars. In his address to the delegation consisting of CEOs and owners of a number of leading Egyptian companies, Juris Štālmeistars gave emphasis to the constructive political and economic dialogue between the two countries, while calling for expansion of current cooperation in the areas such as transport and logistics, agriculture, food processing, timber and chemical industries, as well as seeking synergies in information technology and innovation.

Economic relations as a vital element in the bilateral dialogue were also highlighted by the Ambassador Extraordinary and Plenipotentiary of Egypt to Latvia, Alaa Hegazy. Representatives from LIAA, GAFI, the Riga Free Port Administration, and several companies operating in the region presented to the audience the advantages of Latvia’s business environment and outlined concrete interests concerning future cooperation. 

The deepening of political and economic relations is on the agenda for both Latvia and Egypt. According to statistics, Latvia’s export to Egypt has considerably increased in comparison to 2017, amounting to EUR 70 million. Since the opening of the Latvian Embassy in Cairo in 2007, the total turnover of trade between the two countries has increased almost tenfold.

During their stay, the Egyptian business delegation will have meetings at the Ministry of Economy and the Ministry of Agriculture, participation in a networking event at LIAA, and visits to several Latvian manufacturing companies. The business mission organised by the Egyptian Business Council for International Cooperation is the first ever mission of Egyptian businesses to Latvia. 

 


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