New era of economic cooperation in Egypt: Canadian ambassador to Egypt
Canadian ambassador with Fayez Ezz Eddin, head of the Canadian Chamber of Commerce in Egypt - Photo courtesy of the Canadian Chamber of Commerce in Egypt.

CAIRO: “Canada and Egypt enjoy strong bilateral relations built on a mutual interest in peace, stability and prosperity. Canada will continue to promote collaboration in different sectors of the Egyptian economy,” Canadian Ambassador to Egypt Troy Lulashnyk stated during his visit to the Canadian Commercial Chamber in Egypt Monday April 27.

Lulashnyk discussed the economic history Canada and Egypt share and mentioned that the rise of trade in 2011 that reached almost C$1.2 billion ($995,000) followed by a decline in 2012 and 2013 to settle at about C$1 billion.

He added that Canada is looking forward to participate in many fields in Egypt, including education, mining, tourism and training sectors. He gave credit to the security and stability Egypt has enjoyed in the last months, that he said would attract more international investments for the Egyptian market.

Fayez Ezz Eddin, head of the Canadian Chamber of Commerce in Egypt, said the trade relations between Egypt and Canada reached $1.1 billion.

He added that the Canadian Chamber of Commerce in Egypt and the Canadian Chamber of Commerce in Canada are working on holding a conference next month in Canada to introduce investment opportunities in Egypt and to increase the trade delegations between the two countries, which will double the trade volume on a short term.

Lulashnyk praised the legislative amendments Egypt added to the new investment law, saying that the new law will have a great effect on the improvement of the investment relations between the two countries on different sectors.

The bilateral commercial relations  are expected to witness a “boom,” as Canadian investments in Egypt are expected to reach $7 billion, according to the statement.

Canada’s top merchandise exports to Egypt are in the areas of iron and steel, oil seed, machinery and cereals. Agriculture and food products represent an important portion of the bilateral trade, and even with the drop in 2012, agriculture exports accounted for 36% of Canada’s imports from Egypt.

Canada participated in Egypt Economic Development Conference (EEDC), which was held in Sharm el-Sheikh 13-15 March, and Ambassador Troy Lulashnyk signed agreements worth $7 billion, in the fields of renewable energy and hotel management.

John Baird, the former Foreign Minister of Canda, visited Egypt Jan. 15 and announced Canadian initiatives to promote democracy, security and economic prosperity in Egypt.

The initiatives include Aswan Skills Development Program, commercial cooperation with Suez Canal Authority, cooperation with petroleum, petrochemicals and mining sectors and diplomatic training

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