MINISTER of Trade and Industry Rachid Mohamed Rachid travelled to Kazakhstan from 6-9 May at the head of a large delegation of Egyptian manufacturers and exporters. The aim of the visit is to boost trade and investment between the two countries, promote business deals and finalise negotiations underway on a series of joint investment projects. During his visit, Rachid met Kazakhstan's President Nursultan Nazarbayev, Prime Minister Karim Masimov and Agriculture Minister Ahmetzhan Esimov. Rachid also met several of Kazakhstan's business leaders, and chaired meetings to introduce Egyptian companies to their relevant counterparts in Kazakhstan. The Egyptian delegation included businessmen and members of the new Egypt-Kazakhstan Business Council, operating in the field of construction, building materials, electric cables, pharmaceuticals, medical supplies, tourism, textiles and petrochemicals. Speaking on the eve of his visit, Rachid said: "we want to encourage businessmen from Kazakhstan to come and invest in Egypt. We want them to consider Egypt as a trusted trading partner and a gateway through which to access markets in Europe, Africa and the Middle East. We also want to boost Egyptian exports and investments in Kazakhstan. We want Egyptian companies to go to Kazakhstan in ever greater numbers and to participate, for example, in the vast infrastructure projects currently underway inside the country." During the visit, Egypt and Kazakhstan negotiated joint projects such as the establishment of a free economic zone inside Egypt from which Kazakhstan's manufacturers can export duty-free to markets in Europe, Africa and the Middle East. With a view to helping Egyptian companies participate in large infrastructure projects inside Kazakhstan, a joint construction company is also being established between a consortium of leading Egyptian construction companies and real estate developers and investors from Kazakhstan. This will undertake projects in both countries. Discussions are also underway between Egyptian pharmaceuticals companies and Kazakh counterparts on two separate projects to establish joint pharmaceutical production plants in Kazakhstan. Rachid added that, "Egypt has long enjoyed solid relations with Kazakhstan, but recently the emphasis in our relationship has shifted; today we are focussed on the huge economic potential that exists between us and what steps we should be taking to capitalise on it." Egypt concluded an agreement last November to buy $225 million worth of wheat from Kazakhstan. The deal which is the first of its kind between the two countries gave an immediate lift to bilateral trade which was only $10 million in 2006. Since January 2007 Egypt has already received shipments of $38 million of wheat from Kazakhstan. Egypt believes trade and investment with Kazakhstan will exceed $400 million over the coming five years. The minister's visit follows that of the president of Kazakhstan to Egypt last month, at the head of a large delegation of business representatives from Kazakhstan. During the president's visit the two sides signed a bilateral trade agreement and established a joint inter-ministerial trade committee, as well as the Kazakhstan-Egyptian Business Council. In addition, a company was established to promote Egyptian-Kazakhstan investment and trade.
