Egypt committed to partnership with EU
Egypt-European Union, Economics, 5/30/2000

Egypt is keen to sign a pact on partnership with the European Union (EU), said Minister of Planning and International Cooperation Ahmed El-Darsh.

In press statements following a seminar of Egyptian and Spanish businessmen on Monday, EL Darsh said Egypt hopes the pact will be initialed after it gets some explanations on freedom of using resources for the restructuring of Egyptian industries.

On facilities being provided for foreign investors in Egypt, Darsh said there is an investment law protecting foreign investments against all risks including insurance and confiscation as well as securing freedom of capital and transfer of profits and tax holidays.

Spanish Ambassador in Cairo Juan Alfonso Ortiz voiced satisfaction over dialogue between Egyptian-Spanish businessmen and the Ministers of Oil, Planning and International Cooperation and Transport.

In statements to MENA, Ortiz said the seminar put projects, strategies and priorities of the Egyptian government into focus. "Such gatherings motivate businessmen to invest their money in Egypt," Ortiz added.

Egypt, Spain discuss cooperation in gas liquefying, Exportation

Petroleum Minister Sameh Fahmy, member of the high-powered delegation accompanying President Hosni Mubarak in his visit to Spain, said he will have talks with officials from Repsol company on means of bolstering cooperation in gas liquefying and exportation.

"Spanish corporations have already proposed to set up gas liquefying facilities in both Port Said and Alexandria," he added.

"Cooperation has already been there between the Egyptian General Petroleum Corporation (EGPC) and Repsol since 1990 as the Spanish corporation has contributed to exploring and extracting gas from the Mediterranean," Fahmy added.

"American as well as British corporations, together with the Spanish ones have suggested to set up five gas liquefaction units, the production capacity of each amounts to three billion cubic meters annually," according to the Minister.

Transport Minister expects using Spanish $ 300 million loan. The cost of each unit reaches $ 1.2 billion.

Minister of Transport Ibrahim Demiri, accompanying President Hosni Mubarak in his three-day visit, told MENA that the two sides will see to making use of a Spanish $ 300 million loan and $ ten million grants to fund feasibility studies on a super-speed train project in Egypt.

Demiri said he will have talks with his Spanish counterpart on means of bolstering bilateral cooperation in maritime transport.

"Spanish experts are due to visit Alexandria by early June to sign a number of agreements on upgrading the Alexandria Port," he added.

During the visit to Spain, Demiri said that high on the talks would also be means of benefiting from Spanish expertise in preparing studies on the projected train which is to bind Alexandria, Northwest Egypt, Aswan and Upper Egypt.

Cooperation with Spain in Antiquities Restoration:

Minister of Culture Farouk Hosni said his talks with Spanish opposite number tackle means to further Egyptian-Spanish cultural relations.

"Discussions will mainly focus on cooperation in the field of restoring Egyptian antiquities," the minister said.

He pointed out that agreements were clinched with the Spanish side to establish a new institute specialized in maintaining and filing Egyptian ancient manuscripts, an Egyptian statement said.

Previous Stories:
  COMESA Summit reviews preparations for free trade zone   (5/16/2000)
  Pushing forward Egyptian economy guarantees Egypt¹s future   (5/8/2000)
  Government discusses activating agreements signed in political, economic fields   (5/8/2000)

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