Mexico's investments in Egypt record $950m
Mexican investments in Egypt hit $950 million, in the fields of contracting, machinery parts factories, automobiles, technology, cement, petroleum, and veterinary medical materials, according to Head of the Mexican side of the Mexico-Egypt Business Council and president of CEMEX Egypt, Carlos Emilio Gonzalez.
Gonzalez added that the Egyptian investments in Mexico recorded $200 million, reaching mutual investments between both countries of $1.2 billion.
These statements came in the second meeting of the business council, which was launched in May, to discuss the framework of economic and cultural cooperation between both countries.
The meeting was held in the presence of Mexico’s Ambassador to Egypt, Jose Octavio Tripp.
According to Gonzalez, the business council consists of companies operating in both countries and others wishing to start their businesses. It aims at providing the greatest possible level of dialogue between companies from both sides, deepening communication between them and the governmental bodies in Egypt and Mexico, and finding new areas of cooperation.
He added that the Egyptian-Mexican Business Council will work during the coming period on discussing the most important factors attracting investment in the two countries and shedding light on increasing cultural and tourism exchange between the two countries, pointing out that both Egypt and Mexico are among the most important touristic countries in the world.
The meeting was represented by CEMEX, Pico Energie, Sewedy Electric, Rohrbomben, and the Mexican-Arab Chamber of Commerce, in addition to representative of Commercial Representation Office of the Ministry of Commerce and Industry, Shaima Hidaya.
Head of the Egyptian Commercial Service Ahmed Antar said earlier that the volume of trade exchange between Egypt and Mexico amounted to $123.4 million in 2017, with exports of $71 million and imports of $52 million.
“Ties between Egypt and Mexico have consolidated to the point where Mexico is Egypt's third-closest trading partner in Latin America. For Mexico, Egypt is the most important Arab investor, the 10th investor among African nations (from 1999 to 2017), and among its top five trading partners in Africa,” CEO of the Mexican trade and investment agency ProMéxico Paulo Carreño King told Egypt Today previously in an interview.
