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23 Feb 2017

Dr. Nasr Agrees with the Investment Development Authority of Lebanon (IDAL) on setting up the Arab Investment Complex

Dr. Nasr: "The MOU between both countries will be activated in 2010"

The Minister of Investment and International Cooperation Dr. Sahar Nasr met with Head of the Investment Development Authority of Lebanon (IDAL) Mr. Nabil Itani on the sidelines of her official visit to Beirut. Both officials addressed the different means of cooperation to increase joint investment between Egypt and Lebanon and to open up new horizons of investment between them. This falls under the efforts  to follow up on the outcome of the Egyptian Lebanese Summit that took place between President Abdel Fattah el-Sisi and President Michel Aoun in Cairo a few days ago, where discussions between them revolved around enhancing economic relations in the best interest of both sides. Within this context, Dr. Nasr stressed that Egypt was working on creating a suitable atmosphere that would attract foreign investments, pointing out that Egypt focused on promoting private investments and fostering a positive environment that would remove all obstacles facing investors.

It was agreed between both sides to activate a memorandum of understanding thaht had been previously signed between Egypt and Lebanon in 2010, and to hold a committee that would undertake the activation of the MOU on the sidelines of the eighth round of the Egyptian Lebanese Joint Commission to be held in Cairo next month.

Both sides discussed setting up a complex of Arab investment authorities, where an agreement was reached to hold a meeting in Cairo in May in order for the engaged bodies to convene, namely the General Authority for Investment and Free Zones in Egypt, IDAL in Lebanon, the Arab Investment & Export Credit Guarantee Corporation  headquartered in Kuwait and Dubai Investment Development Agency to start the ratification procedures of the Complex's Statutes, which was already approved by most Arab states engaged in the Investment Complex.

Dr. Nasr shed light on the vital role of businessmen in both countries, which entailed the establishment of the Egyptian Lebanese Business Council. She stressed that it was important to maximize activities during the upcoming period in order to increase Egyptian exports to Africa through the "Egypt-Lebanon to Africa Initiative" that would lead to a huge leap in the Arab economy. ​