New Lebanese-Egyptian company formed to facilitate exports to Africa

Published March 2nd, 2016 - 12:00 GMT
It is hoped that the agreement would lead to boosting trade between Lebanon and Egypt in the future. (UNECE)
It is hoped that the agreement would lead to boosting trade between Lebanon and Egypt in the future. (UNECE)

A joint Lebanese-Egyptian company was formed Monday to market construction materials, ready-made garments and furniture to Africa.

The agreement was signed during a one-day conference organized by Iktissad Wal Aamal magazine, the Beirut Chamber of Commerce and Industry, and the Egyptian Embassy in Lebanon.

The company will be composed of leading Lebanese and Egyptian companies and industrial firms that will focus their attention on marketing and selling a range of products and materials to Africa.

Economy Minister Alain Hakim praised this step, saying it would benefit both countries.

He added that the company materialized after intensive meetings between Lebanese and Egyptian businessmen and investors.

“This meeting comes to manifest the difficult formula that includes Egypt with its political and economic weight in Africa, as well as the capabilities of the Lebanese who are spread in many African countries,” Hakim said.

The minister argued that the joint formation will it very difficult to compete against the firm in Africa, especially since the Lebanese have become part of the social and economic fabric in the continent.

There are thousands of Lebanese investors who have established business activities in many African countries over the past three decades.

President of the Beirut Chamber of Commerce and Industry Mohamed Choucair emphasized that the Lebanese private sector is keen to strengthen ties with its Egyptian counterpart.

He hoped that this agreement would lead to boosting trade between Lebanon and Egypt in the future.

Choucair added that the presence of Lebanese expatriates in Africa will be an added value to the Egyptian business community.

Egypt’s Ambassador Mohammad Bader al-Din Zayed considered this initiative a big accomplishment for both countries.

Other speakers also underlined the importance of this joint venture, noting that Lebanese and Egyptian businessmen should increase their cooperation in different fields. They added that business prospects in Africa are enormous and for this reason both sides should seize this opportunity and make more investments in the continent.

 


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