Minister Nguyen Chi Dung receives Minister of Investment and International Cooperation of Egypt

(MPI) – On August 23rd 2017, at the headquarters of the MPI, Minister Nguyen Chi Dung had a meeting with Ms. Sahar Nasr, Minister of Investment and International Cooperation of Arab Republic of Egypt and Mr. Mohab Mamish, Admiral, Chairman of the Suez Canal Authority and of the Suez Canal Special Economic Zone visiting and working in Vietnam.

Minister Nguyen Chi Dung and Minister Sahar Nasr at the meeting. Photo: Duc Trung (MPI)

Welcoming the delegation of the Egyptian Ministry of Investment and International Cooperation, Minister of the MPI Nguyen Chi Dung highly appreciated the political, diplomatic, economic relations and collaborative potentials between the two countries. In 2010, they signed the MoU for strengthening the bilateral cooperation in promotion of investment flows. Against the backdrop of the changes of the world now, with the joint advantages of the two countries, this visit of the delegation of Egyptian Ministry of Investment and International Cooperation is expected to open up new cooperative development between the two countries, more practical and effective.

Speaking at the meeting, Minister Sahar Nasr raised some proposals to coordinate and carry out in the time coming, including the signing of new MoU replacing the old one signed in 2010 due to the approval of new Egyptian Investment Law. It’s expected to open up many investment opportunities in industrial zones, economic zones, export processing zones and such other fields as oil & gas, industrial fields… On the occasion of official visit of Egyptian President to Vietnam expected to take place on September 2017, the two sides will collaborate to organize some activities on its sideline, including Vietnam – Egypt Investment Forum.

Whole scene of the meeting. Photo: Duc Trung (MPI)

At the meeting, Admiral Mohab Mamish said that Egypt has just inaugurated Suez Canal Special Economic Zone with large area at the location of connecting Mediterranean Sea and Asia, facilitating to freight forward with the 6 large seaports connecting to Red Sea and Mediterranean Sea. This is the leading important project of Egypt Government with 11% of total East – West trade turnover transported through Suez Canal, opening up big opportunities in terms of trade exchange, seaport service, logistics… There are 15 projects carried out at the Suez Canal now and Egypt welcomes Vietnam’s businesses to explore investment opportunities there, specifically in textile, shipbuilding, tourism, food and drink manufacture…

Chairman of the Suez Canal Authority and of the Suez Canal Special Economic Zone said Egypt Government believes that the new Investment Law will bring many opportunities to cooperate with private sector, including incentives for investors. He also emphasized that synchronous and developed infrastructure system has been continued to invest by national projects. With the opening thought, Egypt always welcomes all of foreign investors and guarantees rights and benefits for them.

Minister Nguyen Chi Dung thanked the Egyptian Ministry of Investment and International Cooperation delegation for the information sharing. He said that FDI sector in Vietnam has been developing dynamically, contributing to the growth achievements, adding important capital in total social one, raising export turnover, creating jobs, promoting technology transfer, contributing to international economic integration… The MPI has assumed the prime responsibility for drafting Law on Special Administrative – Economic Zones, which will be submitted to the National Assembly for approval in order to create legal basis for the establishment, development, management and operation of special zones with advantageous policies, create an attractive and transparent investment climate. Thereby, the two sides agreed to closely collaborate to implement the schedule in the time coming and enhance investment promotion activities of the two countries./.

Source: Ministry of Planning and Investment