Cairo - (MIA) – Addressing a business forum in Cairo, Macedonia's President 'Gjorge Ivanov' invited Egyptian businessmen to visit Macedonia, scan existing capacities, learn more about the positive experiences of foreign investors and see for themselves that Macedonia is offering favourable opportunities to companies to expand their businesses, MIA reports from Cairo. "There are only eight Macedonian companies in Egypt with investments in amount to $700,000. The Egyptian company Beverly Hill Holding is already building a plant in one of the industrial zones in Macedonia. However, the opportunities are far from being exhausted. Trade between the countries is extremely low. I am here today with you to encourage you to invest in Macedonia," Ivanov told a business forum, attended by hundred businessmen and several ministers of the government of Egypt, where Ivanov is paying an official visit. There are a myriad of opportunities, he added, for Macedonia and Egypt to find ways to cooperate in the industrial sector, especially in tourism – historical, archaeological and cultural tourism. "That's why it is necessary to launch a direct flight between Skopje and Cairo." "It's been 17 years since Macedonia and Egypt signed two important treaties, which haven't been ratified yet by the Egyptian parliament, namely an agreement on avoiding double taxation and protection of fiscal evasion and an agreement on encouraging and securing mutual protection of investments," Ivanov noted saying he hoped that a legal framework would be adopted soon. Macedonia's business opportunities were presented by Minister for Foreign Investments Bill Pavleski. "Interest has been shown for the benefits offered in Macedonia as a gateway to enter the European market... Egyptian companies showed huge interest to invest in Macedonia and we need to increase bilateral trade, which is very low at the moment standing at close to 6 million euros annually," stated Pavleski adding that discussions focused on the sectors of agriculture, ICT and tourism. According to him, Macedonian companies should invest in Egypt too. "It will pave the way to export their products," Pavleski added. Several Macedonian pharmaceutical and agricultural firms are already present on the Egyptian market. On Sunday, Minister Pavleski signed an agricultural cooperation protocol with the Ministry of Agriculture of Egypt. The document aims at laying the groundwork for more Macedonian products to be placed not only in Egypt, but also elsewhere in Africa and knowledge to be shared between the countries' ministries of agriculture.
