Australian Investments in Egypt Set for Boost

Published May 28th, 2000 - 02:00 GMT

An Australian delegation representing ministries of agriculture and economic resources in addition to a host of businessmen will visit Egypt next July to meet with Egyptian officials for talks on ways of boosting bilateral economic and tourist ties, reported ArabicNews.com Saturday. 

The agency quoted an Egyptian official as saying that some studies are under way to set up a joint business council for reaching more cooperation in the economic and cultural fields between the two countries.  

"The volume of the Australian investments in Egypt hit $ 180 million mostly in mining and oil as the Egyptian market is of high importance to the Australian exports that stand at $ 350 million against $ 156 of Egyptian exports," the official told the agency. 

According to the agency, the 1998 memorandum of understanding between Egypt and Australia played an important role in pushing forward the volume of bilateral trade.  

The source added, that "this year will witness a boom in the number of tourists visiting Egypt, expected to reach 50,000 tourists against 35,000 in 1999 - Albawaba.com 

 

© 2000 Al Bawaba (www.albawaba.com)

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