Just another WordPress site

Lebanon has $1.20bn worth of investments in Egypt – Minister

Lebanon is ranked 13th in terms of the largest countries investing in Egypt, with investments in the Arab world’s most populous nation worth $1.2 billion, the Middle East News Agency (MENA) cited Egypt’s Minister of Trade and Industry, Ahmed Samir.

The minister’s statement was made on the sidelines of the Egyptian-Lebanese Business Forum, which was held on 18 September 2022 in Cairo.

There are around 1,904 Lebanese companies operating in the Egyptian market. The Lebanese investments in Egypt cover the financial, industrial, service, and real estate sectors, mentioned the minister.

For his part, the Head of the Egyptian Commercial Services (ECS), Minister Plenipotentiary Yahya Elwathik Bellah, said the trade and industry ministry has 122 industrial investment opportunities available, including preliminary feasibility studies.

In 2021, trade exchange between Egypt and Lebanon soared to $502 million, compared to $378 million in 2020, said Head of the Egyptian-Lebanese Businessmen Association (ELBA), Fathallah Fawzy.

Likewise, the value of Egyptian exports to Lebanon jumped to $329 million in 2021, while Egypt’s imports from Lebanon rose to $173 million in 2021 from $98 million in 2020.

The 7th edition of the Egyptian-Lebanese Business Forum will be held in Lebanon during the first quarter (Q1) of 2023 in support of the country’s economy, revealed Fawzy.