On Mubarak's visit to Spain
Egypt-Spain, Politics, 5/18/2000

Egyptian President Hosni Mubarak, during his coming visit to Madrid, will have important talks with King Juan Carlos of Spain, Prime Minister Jase Aznar and representatives of Spanish House of Representatives and Senate on the peace process in the Middle East, Egypt-Spain ties and Joint investments.

President Hosni Mubarak's projected visit to Spain will produce a leap in bilateral relations, Egyptian Ambassador in Madrid said.

Ambassador Hussein Kamel Haridi said that the President will hold three important meetings, the first with King Juan Carlos, the second with Prime Minister Jose Maria Aznar, and Spanish Parliamentarians.

"The visit affords an opportunity to look into the future vistas of bilateral relations," Haridi said.

President Mubarak had visited Spain in 1985 and in exchange the Spanish King and Queen Sofia paid a visit to Egypt in 1997.

The upcoming talks in Madrid will take up a number of regional and international issues, notably the Middle East peace process hurdles on all tracks, the top diplomat in Madrid said.

"The two countries adhere to the terms of reference of the peace march, launched by the Madrid Conference in 1991," the Ambassador said.

"Spain is keen on briefing the Egyptian leadership on the results of its contacts in the Middle East," he added.

"The Egyptian-Spanish Summit will dwell over the situation in Iraq, the efforts exerted to realize peace and reconciliation in Sudan, Euro-Mediterranean cooperation and bilateral relations between Cairo and Madrid," Haridi said.

"Egypt-Spain trade needs a push through activating agreements," the Ambassador said.

He referred to dlrs 300 million soft loans Spain extended to Egypt with 1.5 interest rate, to be paid up over 40 years. He also pointed out to a dlrs 10 million grant provided by Madrid to Cairo to fund feasibility studies for projects that the two countries agree upon.

The volume of the trade exchange between Egypt and Spain hit dlrs 557 million in 1999; with Egyptian exports to Spain reaching the worth of dlrs 116 million while imports came to a dlrs 441 million figure.

Egypt has forwarded a draft agreement to ban dual taxation, but it remains under study. The current 11 joint ventures between the two countries have a capital of LE 200 million, to which the Spanish party contributes LE 44 million.

Previous Stories:
  Mubarak heads to Spain in end of May   (5/15/2000)
  Large Spanish delegation participates in European - African summit   (4/3/2000)
  Egypt to take part in Mediterranean forum meeting   (3/29/2000)

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