Australian investments in Egypt will go high
Egypt-Australia, Economics, 5/27/2000

Ambassador of Australia in Cairo Victoria Owen said the Australian investments in Egypt will go high due to the growing interest by her country's businessmen in the Egyptian investment incentives and huge facilities-offered by Egypt to lure a lot of capital flows and investments.

In press remarks to Al Ahram newspaper Mrs. Owen said an official delegation representing the ministries of agriculture and economic resources in addition to a host of businessmen will visit Egypt next July to meet with their Egyptian counterparts for talks on ways of boosting bilateral economic and tourist ties and signing some agreements to boost trade exchange.

The Ambassador pointed out that some studies are under way to set up a joint business council for reaching more cooperation in the economic and cultural fields.

"The volume of the Australian investments in Egypt hit $ 180 million mostly in mining and oil as the Egyptian market is of high importance to the Australian exports that stand at $ 350 million against $ 156 of Egyptian exports" Owen said.

It is known that Egypt imports cereals, dairy products, meat and means of transportation.

She indicated that the 1998 memorandum of understanding played an important role in pushing foreword the volume of bilateral trade.

On the tourist movement, she said that year will witness a boom in the number of tourists visiting Egypt expected to reach 50,000 tourists against 35,000 in 1999.

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