Lebanon is the 15th biggest investor in Egypt with over $3.7 billion, reports KUNA citing Lebanese minister of trade and industry, Alain Hakim.
Hakim confirms the existence of the huge opportunities that must be supported between the two countries.
The volume of trade exchange has fallen 14 per cent between 2013 and 2014, Hakim says during a Lebanese-Egyptian business forum with participation of more than 250 businessmen.
Also, he calls for the necessity to activate joint work and hold bilateral meetings between Lebanese and Egyptian businessmen.
“This forum constitutes continuity for the special history of bilateral ties between Egypt and Lebanon; it reflects the wish and keenness of both sides on finding new opportunities that would entrench the bilateral relations,” says the minister.
Leading financial institutions such as BLOM and Audi have a big presence in Egypt since its market was opened to foreign banks.
For his part, Egyptian minister of investment Ashraf Salman says the Egyptian government has pursued an economic reform program that will continue until the end of fiscal year 2018-2019 in order to achieve sustainable levels of growth and to overcome the challenges faced by his country.
Salman says the Egyptian government will invest EGP280bn during the current year 2015, to strengthen the role of the private sector in supporting the development system in the country.
He also notes the government has paid special attention to the energy sector and attempts to support it through foreign direct investment.