Cairo, 5 July 2022 (TDI): Nevine Gamea, Egyptian Minister of Trade and Industry, emphasized the depth and history of Egypt-Brazil relations. She was virtually participating in the activities of the Arab-Brazilian Economic Forum.
She claims that brazil is Egypt’s largest trading partner in Latin America, estimating that trade between the two nations reached $2.5 billion in 2021.
She also stated that the Egyptian market offers exceptional investment potential for the Brazilian business community.
This was revealed during the Minister’s speech at the Arab-Brazilian Economic Forum, which was conducted in the presence of Brazilian President, Jair Bolsonaro.
The Minister sent Egyptian President Abdel Fattah Al-Sisi’s wishes to the Federal Republic of Brazil, its leadership, and its people, wishing the country continued stability and growth.
Minister Gamea also encouraged all Brazilian partners to visit Egypt to view the Egyptian economy’s progress and achievements over the last eight years.
She also sought to discover prospects for collaboration in all industries and reap the benefits of free trade agreements negotiated with more than 80 countries, which allow companies to produce in Egypt.
Furthermore, the Egyptian Minister stated that the free trade agreement between Egypt and the Mercosur countries, which went into effect in 2017, is critical in developing trade between Egypt and Brazil.
She also stated that Egyptian exports to Brazil surged after the deal went into effect, from $155 million in 2017 to $541 million in 2021, citing the pact’s provision of access to several strategic items at reasonable prices.
Furthermore, Minister Gamea emphasized the significance of transitioning economic connections between Arab countries and Brazil from the import-export stage to the stage of a strong partnership.
She reiterated that the current global scenario necessitates the formation of an integrated vision to address important concerns such as variations in food and fuel costs, as well as the challenges of dealing with climate change.
Furthermore, the Minister stated that the current period is experiencing an exceptional surge in official and commercial delegation visits between Egypt and Brazil.
Finally, Gamea congratulated the Arab-Brazilian Chamber of Commerce on its 60th anniversary, applauding its efforts to promote business links between Arab countries and Brazil.