Egypt fertile ground for investments due to unprecedented progress

Ambassador Salem bin Mubarak Al-Shafi made the comments during his meeting with Egypt’s Minister of Finance Mohamed Maait at the ministry's headquarters on Saturday.

Qatari investments in Egypt significantly increased in FY2019/2020 by 77.8 percent to record $679.4 million, up from $382.2 million in FY2018/2019, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Trade exchange between the two countries also went up by 11.8 percent in 2020, compared to 2019, to post $22.7 million.

Al-Shafi assumed his position as Qatar's new ambassador to Egypt in August after Cairo ended a four-year diplomatic and travel boycott of Doha under the Al-Ula reconciliation agreement, which was signed in January of this year.

Officials from both countries have been holding consultation meetings since to explore ways of bolstering bilateral relations.