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Egypt to Activate Cooperation Mechanisms With Iraq to Double Development Rates

Egypt to Activate Cooperation Mechanisms With Iraq to Double Development Rates

Saturday, 27 February, 2021 - 11:15

Egypt’s CEO of the General Authority for Investment and Free Zones (GAFI) Counselor Mohammed Abdel Wahab met with Iraqi Prime Minister Mustafa al-Kadhimi on Friday.

Iraqi officials and ministers, as well as Egypt’s ambassador to Iraq, attended the meeting, which came in line with the Iraqi-Egyptian cooperation in all economic aspects and the establishment of a successful bilateral partnership between private sector representatives.

During the meeting, participants reviewed cooperation mechanisms and Egyptian companies’ implementation of development projects in Iraq that would contribute to doubling bilateral cooperation and increasing national income.

According to an Egyptian government statement, Kadhimi highlighted the strong Iraqi-Egyptian relations and Cairo’s pivotal role at the regional and international levels under the leadership of President Abdel Fattah El Sisi.

The PM hailed Sisi’s support for Baghdad in various fields of common interest. He welcomed all Egyptian companies operating in Iraq, asserting his keenness to provide all the support needed to facilitate implementation of their projects.

Kadhimi further praised Egypt’s success in preserving its position as the largest recipient of foreign direct investments in the African continent.

Meanwhile, Abdel Wahab conveyed to Kadhimi greetings by the Egyptian Prime Minister, Mostafa Madbouly.

He explained the outcomes of the joint work between GAFI and the Iraqi National Investment Authority, aimed at “maximizing mutual benefit from both countries’ experiences and taking the maximum advantage of their cooperation.”

The Egyptian senior official stressed keenness to benefit from the productive potential, double investment rates, and increase the added value of natural resources in a way that achieves both countries’ common interests and creates more job opportunities.

Egyptian companies are eager to study the investment opportunities available in the Iraqi market, he noted, especially in light of the reliable expertise that many of these companies have and can be transferred to Iraqi cadres.

Abdel Wahab affirmed the GAFI’s willingness to provide all the support to Iraqi investors interested in various investment opportunities in his country.

He pointed to initiating implementation steps to provide a training program to several Iraqi National Investment Authority cadres in Egypt, including exchanging expertise in measures and services provided by investor service centers, as well as promoting and attracting foreign direct investment.

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