Egyptian company, El Sewedy Electric has expressed its interest to invest US $500 million in Pakistan’s energy sector.
This was revealed by Egypt’s Ambassador to Pakistan, Ahmed Fadel Yacoub. He further said that the company has already completed the feasibility study in this regard.
The envoy noted that there was huge potential for trade and investment between the two countries.
“We encourage business associations in Pakistan, especially the chambers of commerce, to organize business trips to Egypt. The Rawalpindi Chamber of Commerce already intends to send a delegation to Egypt during the next few weeks,” the Egyptian envoy said in an interview with an Arab news agency.
He added that it could either be a joint venture or an initiative taken by individual companies. Either way, he noted, it benefited the people of the two countries, making his diplomatic mission work diligently to enhance bilateral investment between Pakistan and Egypt.
About the bilateral ties between Pakistan and Egypt, the ambassador said the relations between both countries were good and gaining strength with each passing day. He maintained that both sides had always cooperated in diverse fields, adding that two very important business delegations from Egypt had recently visited Pakistan to explore investment opportunities.
“We received two very important business delegations from Egypt recently which included representatives of many big companies. One of them was an Egyptian billionaire, Naguib Sawiris, who has already invested in Pakistan but wanted to discuss new investment projects with relevant authorities,” he said.
Ambassador said that Pakistanis are welcome to visit Egypt for any purpose, including tourism, business, and study.
He said his country took great pride in hosting tourists from across the world, adding that the embassy issued more than 4000 visas to Pakistani citizens in 2019.
“Last year, we issued over 4000 visas to ordinary Pakistanis, most of them for tourism. The number excludes official visas or travel permits issued to diplomats and members of various delegations,” he continued.