Monday, May 29 2017

VietNamNews

Trade with Egypt lags behind potential

Update: March, 10/2017 - 16:34
Representatives from more than 40 major import-export companies in Dakahlia Province gathered at the workshop. — VNA/VNS Photo Nguyễn Trường
Viet Nam News

CAIRO  Bilateral trade been Việt Nam and Egypt remained modest and was yet to match the two countries’ potential, Phạm Thế Cường, trade counsellor at the Vietnamese Embassy in Egypt, said.

Egypt’s political unrest and currency depreciation have affected Vietnamese goods in the market, Cường told a trade promotion workshop on Thursday.

However, Cường noted, the northeast African country was accelerating economic reforms, which could be a good sign for bilateral trade in the future.

During the forum, which took place in Mansoura City, Dakahlia Province, the counsellor also briefed officials on Việt Nam’s business climate and policies for investment attraction, and fielded questions on trade affairs between the two countries. 

During his speech, Ambassador Đỗ Hoàng Long said Việt Nam was committed to creating favourable conditions for foreign investors, including those from Egypt.

The Vietnamese Embassy was willing to support Egyptian businesses in seeking Vietnamese partners and then studying each other’s markets, he said, calling for the two business communities to boost relations, particularly in agro-forestry-fishery and tourism.

He also encouraged the two nations’ firms to take the initiative by participating in trade fairs and business conferences held in their respective countries to seek new co-operation opportunities.

Meanwhile, Ahmed Roab, chairman of the Dakahlia Business Chamber, described the workshop as an opportunity for Egyptian enterprises to learn about the Vietnamese market, thus facilitating trade-investment ties between localities of the two countries. Participants at the event proposed Việt Nam send business delegations to trade fairs in Egypt. They said they expected the embassy’s support would help Dakahlia enterprises boost exports, particularly fruit, to Việt Nam.

Egypt has a population of 92 million, with import demand estimated at more than US$80 billion per year.

Two-way trade between Việt Nam and Egypt topped some $314 million last year, of which Vietnamese exports to Egypt made up $294 million. VNS

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