Lebanese investors intend to pump investments worth $1.8 billion into the food and financial services sectors in Egypt over the next year, reveals Dr Alan Hakim, Lebanese minister of economy and trade.
Talking to Egypt-based Al Borsa News, Hakim says: “The Lebanese government addressed their Egyptian counterparts to facilitate new investment procedures in the next few months.”
He adds that his country, which is the 11th biggest investor in Egypt, is seeking to increase Lebanese investments in the Egyptian market up to $5.5bn during 2016 compared with $3.7bn at present, in addition to supporting joint trade exchange.
The trade exchange between Egypt and Lebanon amounted to $600 million during 2014, compared with $1bn in 2010, with the trade balance in favour of Egypt.
Egypt’s exports to the Lebanese market reached roughly $311 million in August 2015, compared with $57m of Lebanese imports, according to the minister.
Hakim says: “The Lebanese government is discussing with our Egyptian counterparts the investment opportunities in the development of Suez Canal zone.”
(US$1 = AED 3.67, at the time of publishing)