The Minister of Investment and International Cooperation Dr. Sahar Nasr met with the Mexican Ambassador to Cairo Mr. José Octavio Tripp and President of CEMEX Egypt Mr. Ramon Pizá.
At the meeting, the Mexican ambassador stressed his country›s interest in increasing economic cooperation via Mexican investment channels in Egypt, which are currently concentrated in the fields of cement, contracting and technology.
Mr. Rizá pointed out that his company was the largest Mexican company investing in Egypt, which has branches in 50 countries worldwide. Regarding the company›s activities in the Middle East, Egypt was ranked first, with investments of approximately USD 1.2 billion. Furthermore, the company was planning to inject USD 20 million in Egypt this year.
Dr. Nasr welcomed the Mexican company›s intention to increase its investments in Egypt, pointing out that the new investment law ratified by President Abdel Fattah Al-Sisi days ago included facilities, guarantees and incentives for investors. In addition, MIIC was also working on eliminating obstacles facing Mexican investors in Egypt. It is worth mentioning that Egypt enjoys a distinctive strategic location that guarantees many investment opportunities.
The Minister stressed that MIIC was working in coordination with other ministries on amending the Companies Law so as to facilitate the procedures of establishing companies and getting rid of bureaucracy, which are deemed key factors to attract investment.