Egypt to invest $1bn in Pakistan, says Egyptian ambassador

Posted In: News Date:Oct 22nd, 2019

Days after a meeting between high-profile delegation of both countries, Egyptian ambassador to Pakistan Ahmed Fadel Yacoub has revealed Egyptian companies will be investing $1 billion in Pakistan.

“Investment projects will begin in the next one year. The understanding was reached during the visit of two high-profile business delegations from Egypt to Pakistan during the month of October," said Yacoub, Arab News reported.

The envoy further said that the investments are coming from the private sector and will be in different sectors, mainly in energy, building, pharmaceutical, halal food and tourism. “From the information provided by the representatives [of these companies], the investment would be approximately $1 billion," said the envoy.

Last week, the Ministry of Commerce and Egyptian Commercial Service signed a Memorandum of Understanding for the establishment of the Pakistan-Egypt Joint Working Group on Trade in Islamabad, in order to explore untapped economic opportunities.

The Pakistan delegation was led by Secretary Commerce Ahmed Sukhera while Egypt was represented by First Undersecretary of Egyptian Commercial Service Ahmed Anter.