Egypt-Canada Trade Exchange Reaches $1.7bn

The volume of trade exchange between Egypt and Canada currently totals $1.7 billion, according to Hala El-Said, Egypt's Minister of Planning and Economic Development.

She added that the figure is expected to continue increasing due to the mutual interdependence and cooperation between Egypt and Canada and the strength of the Egyptian economy.

She also noted that there's an excellent relation between the two countries and increased cooperation is needed in various fields, such as artificial intelligence( AI) information exchange.

El-Said added that Canada's private sector plays a pivotal role in the country, noting that a Canadian company has been awarded the electric monorail project contract in Egypt's New Administrative Capital (NAC).

El-Said remarks came during her participation in a recent discussion held by the Canada-Arab Business Council via video conference, which discussed the economic and investment relations between the two countries.

Among those present for the virtual discussion were Canadian Minister of Small Business, Export Promotion and International Trade Mary Ng and Egypt's ambassador to Canada Ahmed Abu Zaid.

Egypt has been a global leader in the effective and rapid measures and policies to mitigate the negative effects of COVID-19 pandemic, El-Said noted during the discussion.

"EGP 100bn, or 2% of GDP, has been allocated within the framework of a comprehensive plan to deal with the crisis," El-Said said.

Canadian Minister of Small Business, Export Promotion and International Trade Mary Ng asserted that Egypt being one of the most important countries in the Arab world and Africa, Canada is constantly keen to increase cooperation with Egypt in various fields.

She also noted that the Canadian government seeks to achieve an exchange of experiences between the two countries in various fields, including in economics.

Egypt's ambassador to Canada Ahmed Abu Zaid, added that the webinar was an opportunity to discuss the challenges brought on by the global pandemic, also adding that it allowed for a discussion on the investment opportunities that can be relied upon during this crisis to enhance cooperation between the two countries.

The ambassador also noted that Egypt represents an important pillar in Africa, and acts as the main gateway to the rest of the continent.

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