Mubarak-Aznar focus on peace process
Egypt-Spain, Politics, 2/14/2001

Egypt's President Mubarak held a tete a tete session with Spanish Prime Minister Jose Maria Aznar dealing with developments of the peace process in the light of the events in the Middle East, the change of the US administration and the Israeli government.

The two leaders further tackled ways of expanding bilateral cooperation at the economic and commercial levels.

Following the end of their talks, President Mubarak and Aznar held a press conference that focused on the developments of the peace process.

Then Mubarak and Aznar sustained talks on a working luncheon.

Spanish Prime Minister Jose Maria Aznar Tuesday suggested forming joint Egyptian Spanish business council to boost bilateral relations and follow up the execution of signed agreements.

President Mubarak, said Aznar, welcomed the idea and promised to give it serious thought.

"The aspired council would contribute to creating joint mechanisms to realize all-out cooperation between Egypt and Spain in economy, trade, investment and culture,' he said.

The Spanish Prime Minister pointed out to the growing chances for Spanish investors in Egypt.

The Egyptian -European partnership agreement and the projected Euro-Mediterranean trade zone will help further trade exchange and joint investments, he predicated.

Aznar said his country gives much importance to bilateral relations with Egypt, which, he added, has remarked the importance for Spain.

The Spanish Prime Minister welcomed Federation of Egyptian Industries (FEI) Chief's call for pushing up joint investment and economic relations far behind the current $ 600 million in trade exchange.

"Aznar is accompanied by a 60-strong delegation," a proof, he said, of his country's interest in boosting investments with Egypt.

Trade between Egypt and Spain grew to $ 100 million in the past two years. The rate of trade exchange is expected to grow more rapidly after the signing of the Egypt-EU partnership agreement.

The Prime Minister believed that the volume of trade exchange was not on a par with bilateral relations.

Aznar said the tourism cooperation agreement signed between the two countries would provide Egypt with Spanish expertise, noting that tourism was the number one industry in Spain.

Some 50 million tourists go to Spain every year. There is also a chance to develop Spanish tourism investments in Egypt.

The Prime Minister sought to sign an anti-dual taxation agreement soon. During Aznar's visit, two agreements were signed on administrative cooperation and providing Egypt with a credit line up to 2 billion pastas (LE 40 million).

Previous Stories:
  Enhancing the climate of confidence to sustain peace process   (2/13/2001)
  Aznar's second visit to Cairo mirrors the warmth of relations   (2/12/2001)
  Moussa in Madrid discusses bilateral relations, ME peace process   (1/30/2001)

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