Business Hub – Cairo:
Nevin Gamea: Brazil is Egypt’s largest trading partner in Latin America, with trade exchange rates reaching $2.5 billion last year
Nevin Gamea, Minister of Trade and Industry, stressed the depth and history of bilateral relations between Egypt and the State of Brazil, as it is the largest trading partner of Egypt in the Latin American continent, with trade exchange rates reaching about 2.5 billion dollars in 2021.
Distinguished investment opportunities for the Brazilian business community in Egypt in the fields of manufacturing means of transportation, spare parts, pharmaceuticals, engineering and textile industries, and new and renewable energy
She pointed out that there are distinguished investment opportunities for the Brazilian business community in the Egyptian market in the fields of transportation, spare parts, pharmaceuticals, engineering and textile industries, and new and renewable energy.
This came in the context of the Minister’s speech during her participation in the activities of the Arab-Brazilian Economic Forum via video conference, which was held in the presence of President Jair Bolsonaro, President of the Federative Republic of Brazil, Ozmar Shehafi, President of the Arab-Brazilian Chamber of Commerce, and a large number of ministers, ambassadors and representatives of diplomatic missions.
The Minister conveyed the greetings of His Excellency President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, to the Federal Republic of Brazil, leadership and people, wishing it more stability and progress.
Gamea invited all partners in Brazil to visit Egypt, And stand on the manifestations of progress and achievements of the Egyptian economy over the past 8 years, And to identify the opportunities available for cooperation in all fields and to benefit from free trade agreements signed with more than 80 countries that enable companies to produce in Egypt, And export to those countries without customs duties.
The free trade agreement with the Mercosur countries represents a pivotal focal point for Egyptian exports to reach the countries of the South American continent
The minister said that the free trade agreement between Egypt and the Mercosur countries, Which entered into force in 2017, plays a pivotal role in promoting trade between Egypt and the grouping countries, especially Brazil. Noting that the agreement contributed to increasing the competitiveness of Egyptian exports, And strengthening its penetration not only for Brazil but for all Mercosur countries, given that the Brazilian market represents a pivotal focal point in the penetration and marketing of goods to neighboring countries.
Gamea added that Egyptian exports to Brazil rose after the agreement entered into force from $155 million in 2017 to $541 million in 2021. Pointing out that the agreement made it possible to obtain many strategic commodities at competitive prices.
The Minister reviewed the most important achievements of the Egyptian economy during the two years of the Corona pandemic, as the GDP achieved a growth rate of 3.3% in the fiscal year 2021/2020, Where Fitch praised this performance, describing it as the highest among emerging economies. Noting that the inflation rate has stabilized at 5% and unemployment at 7%, The value of non-oil exports also increased last year to reach 32.4 billion dollars, which is the highest annual value of exports.
Gamea pointed out the importance of transferring economic relations between the Arab countries and Brazil from the stage of import and export to the stage of actual partnership. Pointing out that the current global situation requires crystallizing an integrated vision to deal with urgent challenges, including fluctuations in food and fuel prices and the challenges of dealing with climate change.
The minister noted that the current period is witnessing an unprecedented momentum with regard to official visits and visits of business delegations between Egypt and Brazil, which would open new pests for dealing between the two countries in various economic fields.
Gamea congratulated the Arab-Brazilian Chamber of Commerce on the occasion of the celebration of its 60th anniversary. praising its efforts in supporting economic relations between Arab countries and Brazil, She also congratulated the Chamber on the opening of its regional headquarters in Cairo, which will contribute to strengthening trade relations between the two countries.