Middle East News 247

Arab Brazilian Chamber of Commerce celebrates first anniversary of opening its office in Egypt

The Arab Brazilian Chamber of Commerce celebrated one-year anniversary of its office in Cairo, Egypt, in the presence of various prominent figures – including Antonio Patriota, the Brazilian ambassador in Cairo, Khaled Hanafy, President of the Union of Arab Chambers, Hazem Fahmy, Assistant Secretary of State for American Affairs, Ashraf Mounir, Deputy Assistant Secretary of State for South American Affairs, and Hazem Khairat, Assistant Minister of Planning, and Alaa Ezz, Secretary General of the Federation of Egyptian Chambers of Commerce.

Antonio Patriota, the Brazilian Ambassador in Cairo stated that the Chamber’s office in Egypt has demonstrated its significance and efficacy in a short stretch of time, by playing a pivotal role in the rapprochement between the two countries. The ambassador emphasised that the office has witnessed several major events during the first year of the office, such as the reception of Brazilian Minister of Agriculture and the Minister of Strategic Planning, as well as the decision to integrate efforts to ensure food security of both the countries.

Furthermore, Patriota highlighted the myriad of investment opportunities and cooperation in the industrial, commercial, tourism, and agricultural fields of Egypt.

Osmar Shohfi, President of Arab Brazilian Chamber of Commerce said: “We are happy to celebrate the one-year anniversary of our office in Egypt, as it marks a significant milestone. I would like to express my gratitude to the Brazilian government for its assistance through the Brazilian Embassy in Cairo, which greatly aided our efforts to strengthen the ties between Brazil and Egypt. This is the perfect time to celebrate as the commercial ties between Egypt and Brazil are gaining significant strides. Egypt is the first Arab country to sign a free trade agreement with Mercosur countries which includes Brazil, Argentina, Uruguay, and Paraguay, in 2017. Following this agreement, the exports to Brazil from Egypt have risen exponentially, from USD 103 million to USD 543 million. Furthermore, Egypt is the third main Arab consumer of Brazilian products and ranks seventh globally, among our top importers.”

He continued: “The positive outcomes of the previous year, along with various development projects in Egypt that provide numerous prospects for investors and entrepreneurs, puts forth several possibilities for greater achievements as well as significant partnerships for the coming years. The strategic geographic location of Egypt provides more potential for Brazil to have a significant presence in other African nations, in addition to the domestic market.”

Michael Gamal, Director of the Arab-Brazilian Chamber of Commerce office in Cairo said: “We are excited to commemorate the first anniversary of the Chamber’s office in Egypt. During the first year of its operations, we have witnessed quite a few monumental events and we look forward to many in the coming years. Both countries are in constant pursuit to explore innovative avenues to further strengthen their commercial and non-commercial ties. To explore commercial opportunities and investment prospects with the Egyptian side, the group is already meeting and interacting with the General Authority for the Economic Zone of the Suez Canal and the General Authority for Investment. They will explore the investment prospects, trade potentials, as well as the investment climate in Egypt. Furthermore, we are happy to welcome the delegation of medical supplies producers in Brazil to Egypt between October 16 and 20, 2022.”

He added: “The ABCC’s ambition for the upcoming year seeks to boost present Egyptian exports and offer opportunities to export new products, signifying that the future missions between the two nations will further intensify. The ABCC office intends to turn Egypt into a gateway for Brazilian goods entering Africa, and Brazil into a door for Egyptian goods to enter countries in Latin America.”

The Arab-Brazilian Chamber of Commerce is currently examining the proposal of establishing two logistic zones in Brazil and Egypt to add value to both nations’ various products and serve as a gateway for other countries’ products to enter other continents. This study is being prepared in the Cairo and Sao Paulo offices and is expected to finish sooner.

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