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CanCham News
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The meeting included several discussions between his Excellency the Minister and business and media representatives who attended the discussion. It started with a short speech from Dr. Fayez Ezeldin, Chairman of the Canadian Chamber of Commerce in Egypt. He expressed, there in, his gratitude for the efforts performed by the minister and the Egyptian government to confront the international monetary crisis and spare Egypt the dangers of this crisis among unfavorable factors in addition to the efforts of the ministry of trade and industry to enhance Egyptian exports.
He also talked about the Canadian Chamber of Commerce in Egypt, its duties and efforts to attain the goals in the field of development. It works also on enhancing the Egyptian Canadian commercial relations.
Dr. Fayez declared that the Chamber is working according to a clear work strategy based on different aspects:
1. To support the sending and welcoming commercial trade mission from/ to Canada.
2. To Train, develop and enhance the internal system.
3. To participate in reaching a commercial rapprochement through the participation in Canadian expositions and Egyptian expositions also to inform both parties of the market and its needs.
H.E. Ferry De Kerkove, The Ambassador of Canada to Egypt, attended the panel discussion, and illustrated that Egypt is a distinguished country whose history reaches five thousand years back in the memory of History. His Excellency stressed on the strength of the Canadian Egyptian relations and the good reputation enjoyed by the Egyptian citizen in all Canadian provinces.
Eng. Rachid Mohamed Rachid the Minister of trade and industry stressed during his speech that all the indicators show the beginning of the exit of Egypt from the world financial crisis. The rate of growth for the period from January to March 2010 reached 5,8% approximately. The rate of oil reached 28% and new investments grows by 10 billion pounds.
His Excellency also reported that the world's situation ….. Upon us an obligation to keep the Egyptian economy rate of growth which is between 5 and 6%. This is not a very high rate and therefore we must adhere to it.
Eng. Rachid Mohamed Rachid pointed during his speech to the doubling of Egyptian industrial exports to 200 billion pounds during the period from 2010 to 2013 and the change of the export map of Egypt that makes it different from the past. He reported that new sectors rose to prime importance such as the chemical industries in which export amount during 2009 attained 24 billion pound approximately and the building items with a value of 22 billion pounds and engineering industries with a value of 10 billion pounds.
His Excellency stressed on the fact that foreign investments should take place, in order to give opportunities to new path of employment and improvement. He illustrated that during the few last years many new industries and investments took place in Egypt; which improved the financial sectors, giving more opportunities for job seekers, and going along with a noticeable improvement of Egypt.
Mr. John Brodabent, the Commercial Counselor in the Canadian Embassy in Egypt, who also attended the discussion, reported that relations in the next future will witness a high increase in direct Canadian investments in the Egyptian market. He mentioned that one of the biggest Canadian companies is negotiating in the field of mining to benefit from two Egyptian regions to look for gold in the red sea area.
Brodabent also reported about the importance of implementing the opportunity equality principle. He considered it the most important factor to stimulate investors to pump their investments in foreign markets with a necessity of transparency. There are of course other incentives to investment, such as the tax treatment and the provision of energy and transport sources.
The conference was attended by the CanCham members and board of Trustees, chairpersons and presidents of different multinational and national organizations. A number of banks were keen to reserve places in the discussion, as well as the media representatives from different media houses.
The CanCham would like to thank all the sponsors that participated in the event, as well as giving appreciation to all people who attended the panel discussion.
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