BAKU, Azerbaijan, Feb. 8
By Nargiz Sadikhova - Trend:
Egyptian investors reached an agreement on acquisition of a copper deposit in Kazakhstan, Trend reports citing KAZKH INVEST National Company.
The topic was discussed during the reciprocal Kazakh-Egyptian trade and investment business forum held in Egypt.
Kairat Lama Sharif, the Ambassador of Kazakhstan to Egypt said during the event that both sides intend to build up cooperation in all areas of interaction to further increase the level of trade, economic and investment ties between the two countries.
In his words, Kazakhstan considers Egypt as the “gateway” to Africa and is ready to promote exports, including with the assistance of the Kazakh-Egyptian Business Council and the Intergovernmental Commission on Trade and Economic Cooperation.
“An additional impetus to increase the export of Kazakhstani products will be given by the signing of the Free Trade Agreement between the EAEU member states and Egypt, which will open access to the Egyptian market with a population of over 100 million people," Sharif said.
The rise in the price of products and the slowdown of trade between the two countries was noted during the event and was then explained by the geographical remoteness of the states.
However, Kazakhstan’s Vice Minister of Trade and Integration Kairat Torebayev said that despite this, Kazakhstan sees the potential for increasing trade turnover with Greece by almost four times.
“In this context, domestic companies can offer quality goods worth about $ 300 million. In order to ensure food security, Egyptian companies can locate their export-oriented production facilities in Kazakhstan,” he said.
Following the end of the event, Kazakh and Egyptian companies have agreed to supply 1 million bottles of water to the Egyptian market with the prospect of increasing supply by up to 3 million.
The partied also agreed on the production of pharmaceuticals on the basis of a Kazakh enterprise, and the acquisition of a copper deposit in Kazakhstan.
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