Attia said that the government encouraging to the private sector investment is the main support of economic growth, and the best way to get out of the crisis surrounding the market.
Chairman of EBBA praised not to withdraw any Belgian investment from the Egyptian market in recent years despite the political confusion that followed the revolution of January, and impacted negatively on the economy and rates of
development, pointing out that most of the Belgian investments in Egypt are concentrated in the petrochemical industry.
According to data from the Belgian Embassy the exchanged trade between Cairo and Brussels declined by 10.4% last year & recorded 1.4 billion Euros versus 1.5 billion Euros in 2013 by 1.2 billion Euros Belgian imports, and 236 million Euros Egyptian exports.
Belgian imports to Egypt are concentrated in the chemicals and their derivatives, pharmaceutical, besides the industrial machinery and equipment that serve the industry movement and food products, while exports are concentrated in plastic manufactures, vegetables, and textile.
Mr. Attia staked increasing the trade exchange between Egypt and Belgium to the stabilization of foreign currency exchange rate against the dollar and improved economic conditions in the Egyptian market. President of EBBA said that the Belgian delegation of more than 30 businessmen will visit Cairo next June to discuss investment opportunities in the Egyptian market especially the axis of the Suez Canal development.
Attia said that the visit of the Belgian delegation aim to coordinate with the Egyptian government pumping more investments in the Egyptian market especially major development projects. A delegation from EBBA will travel to Brussels next May to prepare the final touches of the Belgian delegation visit, as well as working to encourage tourism to Egypt.
Attia, who praised the role played by the Egyptian Representation Commercial Office in Belgium for the development of mutual relations between the two countries at all levels of commercial, development, cultural, and said that the office facilitates interviews of EBBA members, which activate the relations between officials in Egypt and Belgium.
He pointed to the several constraints that Belgian investors face in Egypt, notably profit conversion to abroad, and said that the Assembly is always working to improve the image of Egypt in front of Belgian investors to maintain the continuation of their investments.
He added that Belgian investors believe that the Egyptian market is promising and will witness a remarkable development within coming period, provided to exploit the population density better, noting that the current government is seeking to improve the economic situation by issuing a stimulating legislation to encourage foreign and Domestic investments, and comply with international obligations, is what makes Egypt an attractive market for foreign investments.
He noted to the inclusion of all Belgians to the economic, social and political situation in Egypt and that the Assembly is seeking to clarify that what witnessed in Egypt of political events during the past two years was the result of a popular revolution, and said that businessmen have the right to fear on their capital and research in the first place for security and stability to ensure their investments.
He stressed on the need to transfer the Belgian economic experience that relies on the private sector to the Egyptian market to achieve the desired development. Attia expected that Egypt is witnessing economic breakthrough the coming period under the organs of sovereignty sought to stabilize the security situation, and the economic file as top priority.
The Egyptian Belgian Business Association founded in 2004 and includes more than 80 businessmen in all sectors and aims to encourage dealings, trade, investment, export and tourism between Egypt and Belgium, and encourage cultural exchanges.
Edited by: Ahmed Dawood