Egypt interested in investing in Pakistan

Staff Report

ISLAMABAD: Egyptian Ambassador in Pakistan Hisham El-Zimaity, who called on the Federal Industries Minister Liaqaut Jatoi on Wednesday, said Egypt was interested in investment and joint ventures in the automobile, textile and cement manufacturing sectors in Pakistan.

The Egyptian ambassador stressed the need to revive old pilot projects in both countries. He also briefed the minister on tractor models being manufactured in Egypt and joint venture projects in cement plants in Pakistan.

Mr Jatoi welcomed the offer of Egyptian investment and joint venture projects and said a strategy should be formulated to benefit both countries’ industries. He said there was a lot of potential in textiles in Pakistan and added that the country had exported textile goods worth $5 billion in 2002.

The minister highlighted the role of the Small and Medium Enterprises Development Authority (SMEDA) and National Productivity Organisation (NPO). He also informed Mr Hisham of the development of the Gwadar Port Project and invited Egyptian firms to invest in it.

Mr Jatoi also invited his Egyptian counterpart to visit Pakistan to discuss various other investment possibilities. According to an official press release, the minister and the Egyptian ambassador also discussed matters related to strengthening economic ties between the two countries.

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