By MENA
Copyright egyptindependent
CAIRO, Sept 18 (MENA) – The Egyptian-Spanish Business Forum kicked off in Cairo on Thursday, with the participation of King Felipe VI of Spain and Prime Minister Mostafa Madbouly.
The forum was also attended by Minister of Health and Population Khaled Abdel Ghaffar, Minister of Industry and Transport Kamel el Wazir and Minister of Planning, Economic Development and International Cooperation Rania el Mashat, as well as Minister of Investment and Foreign Trade Hassan al-Khatib.
Speaking at the forum, the investment minister said the relations between Egypt and Spain are gaining a broader strategic dimension for cooperation across various fields, citing the growing interest among Egyptian youth in learning the Spanish language, which contributes to strengthening joint cooperation.
Khatib stated that trade volume between the two countries reached $US3.1 billion, while Spanish investments in Egypt hit $900 million.
He underlined the need to intensify the efforts to further boost investments and trade exchange between the two countries.
Meanwhile, Spanish Foreign Minister José Manuel Albares said that holding the economic forum in Cairo in the presence of the King of Spain, reflects the strong ties between Egypt and Spain.
He noted the two nations share a common history and are surrounded by the Mediterranean, making cooperation between them a cornerstone of stability and security.
Albares said Egypt plays a pivotal role in the stability of the Mediterranean region, citing its strategic location, rich history, growing economy, and geopolitical importance as a bridge between Africa, the Middle East and Europe.
Spain is aware of the challenges Egypt is currently facing, particularly the fallout from the ongoing violence in the Gaza Strip, adding that the decline in Suez Canal revenues was linked to the ongoing political tensions in the region.
Albares said Spain highly appreciates the earnest efforts of the Egyptian people, pledging Madrid’s full support for Egypt’s pursuit of a more sustainable and prosperous economic path.
He stressed economic ties between the two countries are already strong but should be developed further.
A panel discussion chaired by Spain’s Secretary of State for Trade MarÃa Amparo López Senovilla, was held to discuss ways of deepening Egyptian-Spanish cooperation, particularly in trade exchange and private-sector partnerships.
José Luis, President of the Spanish Chamber of Commerce, underlined the deep historical and cultural bonds between Egypt and Spain, calling for greater efforts to advance bilateral relations in the coming period.
Ahmed al-Wakil, Chairman of the Federation of Egyptian Chambers of Commerce highlighted the steps being taken to enhance trade and investment relations with Spain.
He echoed the King of Spain’s remarks that the Mediterranean is the key link binding the two nations, saying the partnership between Egypt and Spain opens wide horizons for enhancing trade, investment and knowledge-sharing across both shores.
Wakil added several EU-funded projects are being carried out in areas such as trade, industry, agriculture, investment, renewable energy, IT, tourism and transport, creating opportunities for partnerships between Egyptian and Spanish companies, with the support of institutions like the European Investment Bank and the European Bank for Reconstruction and Development.
Antonio Garamendi, President of the Spanish Confederation of Business Organizations, outlined opportunities for Spanish companies to support Egyptian counterparts, especially in light of Spain’s leading expertise in sectors such as water management and tourism.
Mohamed al-Sewedy, Chairman of the Federation of Egyptian Industries, stressed economic reforms must deliver tangible benefits to citizens, noting small and medium-sized enterprises are the backbone of the economy.
He called for more engagement with small and medium-sized manufacturers to accelerate decision-making, particularly in industrial development.
Sewedy noted that Egypt’s human capital represented a major opportunity, which could serve as a strong pull factor for foreign investment.
Pablo Conde, Director-General for International Business Development, agreed on the importance of backing small and medium-sized enterprises to foster growth and boost their contribution to both economies, emphasizing the urgent need to expand frameworks of cooperation in multiple sectors.
The session concluded with the screening of a documentary on bilateral cooperation and joint activities between Egypt and Spain. (MENA)
