New economic vision for Egypt and Mexico

Egypt and Mexico have agreed on the need to develop a new vision for the future of economic cooperation between the two countries. This will include the development of new mechanisms and means of cooperation, identifying areas for joint projects during the next phase, as well as holding more official meetings in both countries.

This was decided during a meeting between Mahmoud Eisa, Egypt’s Minister of Industry and Foreign Trade and Ambassador Maria Carmen Oñate, Mexico's Ambassador in Cairo, in which they discussed ways of increasing bilateral trade and joint investments between Egypt and Mexico.

The Egyptian minister pointed out that the coming stage will witness a move by both countries to expand relations in economic cooperation as they are considered as two central countries in the Middle East and the Americas.

Eisa added that all Mexican companies operating in Egypt are operating at full capacity and the government is sparing no effort to solve all the problems and remove obstacles facing Mexican investments in Egypt.

Oñate confirmed her country's commitment to supporting the Egyptian economy during the coming period, pointing out the need to increase bilateral trade and to expand and increase Mexican investments in Egypt. She said many Mexican companies are looking to invest in the Egyptian market during the next phase.

The volume of bilateral trade between Egypt and Mexico reached USD 186.7 million in 2010, with Egyptian exports to Mexico reaching USD 117.5 million and imports from Mexico reaching USD 69.2 million.

The most important Egyptian exports to Mexico are natural gas, construction materials, ready-made garments, cotton, and carpets while the most important imports are medicines, car parts, machinery, and equipment. Total cumulative Mexican investments in Egypt reach USD 49.6 million in the sectors of cement, construction, oil and technology.