Egypt, Australia to boost joint investments

Egypt and Australia on Thursday signed an agreement providing for encouraging and protecting investments between the two countries, as part of a drive to enhance bilateral economic cooperation.

The agreement reflects the two governments' willingness to open up wider prospects for investment for both countries' businessmen, and urge them to do business together by providing them with all necessary guarantees.

The agreement was signed by Minister of Planning and International Cooperation Ahmed A1 Darsh and Australian Minister of Communications, Information Technology Richard Alston.

The agreement aims at luring capital inflow into the country to refresh the economy, develop joint investments between the two sides and makes use of the vast experience of the Australian side in the field of investment and transfer of advanced technology, Darsh said.

On his part, Alston praised trade, economic and investment ties between the two countries, expressing his country's willingness to enhance relations with Egypt, given its important status in the region.

Australian investments in Egypt accounts for LE 250 million centered in the agricultural and mining sectors, the Australian minister noted.