ISLAMABAD -;Egyptian company, El Sewedy Electric has expressed its interestto invest US $500 million in Pakistan’s energy sector.
This was revealed by Egypt’s Ambassador to Pakistan, Ahmed Fadel Yacoub. Hefurther said that the company has already completed the feasibility studyin this regard.
The envoy noted that there was huge potential for trade and investmentbetween the two countries.
“We encourage business associations in Pakistan, especially the chambers ofcommerce, to organize business trips to Egypt. The Rawalpindi Chamber ofCommerce already intends to send a delegation to Egypt during the next fewweeks,” the Egyptian envoy said in an interview with an Arab news agency.
He added that it could either be a joint venture or an initiative taken byindividual companies. Either way, he noted, it benefited the people of thetwo countries, making his diplomatic mission work diligently to enhancebilateral investment between Pakistan and Egypt.
About the bilateral ties between Pakistan and Egypt, the ambassador saidthe relations between both countries were good and gaining strength witheach passing day. He maintained that both sides had always cooperated indiverse fields, adding that two very important business delegations fromEgypt had recently visited Pakistan to explore investment opportunities.
Read Top Stories
“We received two very important business delegations from Egypt recentlywhich included representatives of many big companies. One of them was anEgyptian billionaire, Naguib Sawiris, who has already invested in Pakistanbut wanted to discuss new investment projects with relevant authorities,”he said.
Ambassador said that Pakistanis are welcome to visit Egypt for any purpose,including tourism, business, and study.
He said his country took great pride in hosting tourists from across theworld, adding that the embassy issued more than 4000 visas to Pakistanicitizens in 2019.
“Last year, we issued over 4000 visas to ordinary Pakistanis, most of themfor tourism. The number excludes official visas or travel permits issued todiplomats and members of various delegations,” he continued.
