Cairo (VNA) – The official visit toVietnam of Egyptian President Abdel Fattah el-Sisi will create a momentum forthe development of Vietnam-Egypt relations, stated Egyptian Minister of Investmentand International Cooperation Dr Sahar Nasr.

In an interview on the visit given to Cairo-basedVietnam News Agency reporters, Nasr noted that since the establishmentof the full diplomatic relations with Vietnam in 1963, the Government of Egypthas considered Vietnam a close friend and a partner in success.

Egypt was the veryfirst Arabic country to establish bilateral relations with Vietnam. Vietnamopened its first commercial office out of Asia in Egypt, which is a pivotalevidence of how significant is the relations between both nations, said theofficial. 

“These ties will ensureinvestors from both sides that their respective countries are empowering themto reach new milestones through their different investments in both countries”,she said.

She noted that during her latest visit, alongwith the Admiral Mamish, the Government of Egypt expressed keenness onestablishing more joint ventures between both nations through knowledgetransfer from the unique Vietnamese experience in the fields of fisheries,ports management, information technology, garments and petrol refining. Theseendeavors were expressed during the experts’ 5th round of theEgyptian-Vietnamese Joint Commission that was held in Hanoi on August 21-22,2017. This happened after a pause of 10 years from the last joint commission.

These experts’ meetingsfocused on the fields of investment, trade, agriculture, education, tourism,and information technology. The path to exemplary cooperative relations betweenboth nations is very clear and has great short/medium/long goals – which willbe discussed intensely during the President’s visit; as stated previously, bothPresidents are looking forward to strengthen relations on all aspects, shesaid.

Egypt plans to attract 30 billion USD of FDI and30 percent investment rate as a percentage of GDP, and to also target theindustrial sectors that will contribute significantly in creating jobopportunities and introducing new technologies, she noted.

Both countries havevery strategic locations – geographically - and they are both members ofvarious economic blocs such as ASEAN, COMESA and many others. It is also worthmentioning that Egypt is currently executing reforms in all aspects: political,legislative and economical.

From the economicalside we are seeing full-fledged legislative reform plans, such as the new lawsof insolvency, debt restructuring and real estate registration laws.

“These reforms willallow business investors from Vietnam to come, settle in Egypt and grow theirimports to Europe, Africa and Middle East in a very swift and effective manner,”she said.

At the same time, thenewly-adopted investment law of Egypt is expected to facilitate trade between thetwo nations and others and to create a healthy and transparent investmentclimate for both local and international firms, she said. It is also focusingon boosting and empowering the SME’s sector, which, she believed, will be veryattractive for investors in Vietnam. -VNA