Federal Councillor Doris Leuthard on economic mission in Egypt
Bern, 30.01.2009 - The head of the Federal Department of Economic Affairs (FDEA), Federal Councillor Doris Leuthard, is to visit Egypt from 2 to 5 February 2009 with a business delegation. The aim of this mission, 18 months after the EFTA-Egypt free trade agreement came into effect, is to get an idea of the investment climate and the market opportunities for Swiss companies’ operational activities in this country. The plan is also to coordinate SECO’s economic development cooperation and press ahead with negotiations for an upgrade of the Switzerland–Egypt investment protection agreement.
Meetings in Cairo between Federal Councillor Doris Leuthard and Trade and Industry Minister Rachid Mohamed Rachid, Finance Minister Youssef Boutros-Ghali, Investment Minister Mahmoud Mohieldin and the Minister for International Cooperation, Ms Fayza Aboulnaga, have been scheduled. Federal Councillor Leuthard will open the SECO-backed National Customs Training Center in Alexandria. Other items on the agenda for Federal Councillor Leuthard and her economic delegation are meetings with local chambers of industry and commerce.
Egypt is in a strategically favourable position as regards trade and has a highly developed infrastructure. It brings together the European, African and Asian markets and is therefore particularly suitable as a hub for Swiss companies that have business relations with all three continents. This economic mission is to sound out the investment climate and market opportunities for Swiss firms and by the same token to strengthen Egypt's awareness of Switzerland as a key trading and investment partner.
In December 2008 the Swiss parliament approved Egypt as a priority country for SECO's economic cooperation and development program. Federal Councillor Leuthard will use the visit to discuss the priorities of the future cooperation and development program. The list of bilateral trade agreements includes an investment protection, a double taxation and an air traffic agreement. Negotiations are currently under way to fully update the 1973 investment protection agreement. The EFTA-Egypt free trade agreement has been in effect since 1 August 2007.
Bilateral trade in goods has been on the up since 2006. Swiss exports in 2007 came to CHF 467.8m (up 11.7% over the previous year). Swiss exports flourished in 2008, reaching a high of CHF 576.7m in the first eleven months, a 33.2% increase over the same period of the previous year. Swiss exports mainly comprise pharmaceutical products, machines, primary chemicals, clocks and watches and parts thereof, and optical and medical instruments.
Imports from Egypt, half of which comprise agricultural products and precious stones, have continued to lose momentum, reaching CHF 27.7m (18.4% down on the previous year) in 2007. In the first eleven months of 2008, Egyptian exports reached CHF 25.2m, identical to exports for the same period of the previous year.
Address for enquiries
Evelyn Kobelt, FDEA press spokesperson, tel. +41 79 301 71 72
Publisher
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
