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Al-Ahram Weekly

Egypt, Canada commit to boosting trade, investment ties during Ottawa consultations - Foreign Affairs

Egypt and Canada have affirmed their shared commitment to advancing promising opportunities for cooperation, focusing on boosting trade exchange and enhancing investment partnerships. This occurred during the bilateral political consultations held at the Canadian Ministry of Foreign Affairs in Ottawa on Tuesday. According to a statement by the Egyptian Ministry of Foreign Affairs, Assistant Foreign Minister for American Affairs Ambassador Sameh Aboul-Enein led the talks. Aboul-Enein headed a high-level Egyptian delegation to Toronto, Montreal, and Ottawa as part of a broader diplomatic and economic outreach effort. During the Tuesday session, Egypt and Canada discussed a range of issues, including economic, development, cultural, and consular affairs, aimed at strengthening their long-standing relationship. The meeting was particularly significant as both countries recently celebrated the 70th anniversary of their diplomatic ties. The discussions highlighted Egypt's favorable economic climate and its government's ongoing reform agenda, which has gained international recognition for its structural measures. Moreover, the delegation presented a comprehensive overview of investment incentives and facilitation measures Egypt implemented to attract foreign capital and increase Egyptian exports to the Canadian market. "Egypt aims to boost Canadian investments by 10 percent, targeting $2.2 billion by the end of 2025, up from the current $2 billion," Moataz Raslan, chairman of Canada-Egypt Business Council (CEBC), told Al Arabiya Business in March. Raslan explained that several Canadian companies are exploring expansion opportunities in Egypt, with investments primarily focused on key sectors such as petrochemicals, services, and consultation. Furthermore, the two sides discussed pressing international and regional challenges and Canada's priorities during its 2025 G7 presidency. They also agreed to maintain close coordination and political dialogue in the future. The Egyptian delegation's visit to Canada includes various meetings and activities, such as participating in economic events to foster cooperation in trade and investment and promote Egypt's private sector. The visit also features engagements with prominent Canadian research centres and academic institutions, including the University of Ottawa and Carleton University. Additionally, the delegation will meet with key Canadian trade and investment bodies and hold discussions with members of the Ontario Provincial Parliament and the Canadian Senate in Ottawa. The delegation includes senior members of the Egyptian parliament and business leaders from the CEBC. Among the senior officials accompanying the delegation are geologist Ahmed Fath El-Bab, acting director general of exploration at the Ministry of Petroleum and Mineral Resources, and Mohamed Youssef, advisor to the chairman of the General Authority for Investment and Free Zones. Follow us on: Facebook Instagram Whatsapp Short link: