19 February 2018

Egypt: Tareq Qabil, - Volume of Trade Exchange Between Egypt, Sweden Reaches 644mn Euros in 2017

The volume of trade exchange between Egypt and Sweden amounted to some 644 million Euros in 2017, the trade and industry minister said.

Tareq Qabil, in a meeting with visiting Swedish Minister of EU Affairs and Trade Ann Linde on Monday 19/2/2018, reviewed future economic cooperation between the two countries.

Qabil said Cairo and Stockholm have good economic and political ties, a statement by the Trade and Industry Ministry said.

Established more than 40 years ago, a joint committee between the two countries contributes to boosting economic cooperation and increasing the volume of inter-trade and investments, Qabil said.

He stressed the need to increase Egyptian exports to Sweden in a way that would help reduce the deficit in the balance of trade, which is now in favor of Sweden.

Qabil put the volume of Swedish investments in Egypt at about 141 million dollars pumped into 146 projects.

Egypt can very well benefit from Sweden's know-how in the field of small and medium-sized enterprises, which, according to Qabil, constitute a main pillar of the Swedish economy.

He also touched upon Egypt's benefiting from the Swedish experience in the field of renewable energy, especially with the Egyptian government acting to increase the use of new and renewable energy to make up 20 percent of production by 2022 and 37 percent by 2035.



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