New vision on Egypt-Austria economic cooperation

Talks between Egyptian and Austrian businessmen, held recently in Cairo, revealed a new vision on the possibility of economic cooperation, initiated in 1998 when Atef Ebeid, the then-minister of public enterprises, visited Vienna.

The ministers of economy, oil and planning participated in the three-day gathering that witnessed the signing of an agreement with the Austrian side to protect investments, which is expected to attract several new Austrian investments into Egypt.

The talks also resulted in direct Austrian investment ventures in the fields of infrastructure, privatization projects in the domains of weaving, pharmaceuticals and foodstuffs and BOT projects in the field of airports.

The Egyptian side is pinning high hopes on extending bridges of cooperation with Austria in the field of training and technology transfer.

The Egyptian-Austrian talks witnessed the first serious initiative to solve the problem of unqualified Egyptian labor that goes to Austria in large numbers to work in casual jobs, a matter that stir up great concern for successive governments in Austria.

The Austrian side said his country attaches great importance to Egypt as a pivotal state in the Mediterranean basin and a key partner for the European Union (EU).

According to the statistics of the General Authority for Investment (GAFI), Vienna participates in 12 joint investment ventures, whose issued capital hit LE 146 million and investment costs, reaching LE 399 million.

Austrian contribution in these projects is estimated atLE 37 million (25% of issued capital of these projects).

The Austrians, investments focus on the industrial sector that is characterized by stability and available job opportunities.