Malaysia to take part in petrochemicals plant in Egypt
Egypt-Malaysia, Economics, 6/13/2003
Malaysia will contribute to setting up a giant Egyptian project for petrochemicals' production with a capital of LE 10 billion.
Malaysian ambassador in Cairo, Abu Bakr Daoud, at a meeting with the Egyptian Businessmen Association, said that the project would be set up in Alexandria in cooperation with Egyptian and British investors and businessmen.
Attending the meeting were as many as 22 Asian ambassadors accredited to Egypt.
A few days back, Minister of Petroleum, Sameh Fahmi, said that Egypt welcomed participation of a Malaysian company in prospecting for oil and natural gas in deep waters of the Mediterranean Sea. "The company would invest 1.6 billion euro in Egypt," he pointed out.
The Asian ambassadors underlined the tremendous potentials to raise trade exchange and joint investments between their countries and Egypt.
Time was ripe for Egypt to get engaged in free trade and partnership agreements with Asian countries instead of focussing only on European Union and the US.
A number of ambassadors asked the Egyptian government to amend some laws on trade and investment as an incentive to attract more investments.
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