Cairo – The regional director and head of the office of the Arab Brazilian Chamber of Commerce (ABCC) in Cairo, Michael Gamal, welcomed the ambassador of Brazil to Egypt, Antonio Patriota, in the first official visit of a Brazilian authority to the office after it started operating last month. Pictured above, Patriota (L) and Gamal (R).
During the meeting, Patriota stressed that the embassy will give full support to the ABCC team in reaching the intended goal and fostering economic and cultural relations between Egypt and Brazil. He explained that Egypt and Brazil are pioneering emerging countries and have many promising opportunities in investment and trade.
Patriota added that the two countries are very firmly established in their continents, as Egypt is a great hub and a destination for investors that plan on breaking into the markets in Africa and the Middle East, besides being a large market, with over 100 million citizens. According to him, Brazil is also a gateway for the Latin American countries, with a population of over 200 million people.
The ambassador stressed that the Brazilian government is seeking to open new fronts in Brazil-Egypt ties, as well as attracting investment from Brazil to Egypt, particularly in view of the strong growth that the Egyptian economy has reached in recent years, despite the coronavirus pandemic challenges, standing out in the Middle East and North Africa (MENA) region.
Gamal stressed that the visit of the ambassador was the first official visit of a Brazilian authority to the ABCC office in Cairo and said how important the coordination between the embassy and the office is for strengthening economic cooperation and facilitating trade and investments between Cairo and São Paulo.
The director emphasized the importance of the ABCC in the communications between the business community of both countries, as it played a key role in making exports from Egypt to Brazil exceed USD 500 million in 2021.
The Federation of Egyptian Chambers of Commerce secretary-general Alaa Ezz participated in the meeting and talked about opportunities in Egypt for Brazilian investments, especially in the light of the Egyptian economy, which enjoys many benefits like its geographical location and workforce.
He stressed that Egypt has connections with many economic blocs via trade agreements, the main one being the agreement with the European Union by which the Egyptian product can get into the bloc with no customs taxes. Ezz said that the Brazilian investor can enjoy these many benefits.
Ezz also suggested to hold a meeting between wheat farmers and exporters from Egypt and wheat imports in Brazil to study the opportunities for cooperation.
Visit of minister
Gamal said the office is coordinating with the Embassy of Brazil in Cairo to organize the visit of Brazil’s Agriculture, Livestock and Supply minister Marcos Montes to Egypt. The minister will travel to the Arab country in May with a delegation of businesspeople.
The director also said that the opening of the ABCC office in Cairo aims at contributing and facilitating trade and investments between the two countries. He stressed that, despite the surge in exports from Egypt to Brazil, from USD 170 million in 2017 to over USD 500 million last year, there’re still great opportunities to double this figure. According to him, the ABCC has many useful tools to help boost the cooperation between Egypt and Brazil, most notably via the Mercosur-Egypt free trade agreement.
Translated by Ahmed El Nagari and Guilherme Miranda
