CAIRO: The Canadian Chamber of Commerce in Egypt (CanCham) vowed to continue to bolster relations between Egypt and Canada, during a celebration of their second anniversary of operations in Egypt. Trade and investment between Egypt and Canada is expanding; according to 2004 statistics it reached $310 million. Last year, Egyptian exports reached a record high of $116 million consisting mainly of coal, newsprint, wheat and cereals pulses and oil seeds, paperboard and wood pulp, telecommunications and high-tech equipment. "We are celebrating a second year of operations and achievements that aimed at creating a strong service for Canadian businessmen in Egypt, Fayez Ezeldin, CanCham Chairman said at the ceremony held at the Baron Palace and attended by over 600 distinguished guests. Canada has always looked to Egypt as a unique geographical location with vast human resources and a major regional power that plays a significant role in Africa and the Middle East. This has encouraged Canadian businessmen to invest in Egypt, resulting in the signing of several protocols with businesses and authorities, Ezeldin said. Egyptian and Canadian businesses have had limited interaction in the past. However, with the efforts of the CanCham, this is changing through the introduction of intermediary bodies that build, maintain and foster greater relations between interested parties from both countries. "CanCham was established to foster trade and investment between both countries and to enhance different aspects of cooperation in various fields, Ezeldin said. Throughout the event, there was no mention of the Agrium, the Canadian fertilizers plant whose construction in Dameitta was faced with strong opposition from the local community. Some media reports suggested that illegal commissions were made to issue the required permits. The company, the Canadian ambassador, and the Parliament's fact-finding mission that was assigned to the project all refuted such claims. But last week, the parliament recommended the plant be moved to another location. The Canadian side is yet to announce its plans for its Egypt project. The CanCham event, however, focused on the importance of initiating relations across the Atlantic, which has proven to be mandatory and beneficial for both partners. Through the CanCham, long-term relationships between Canadian business executives and their Egyptian counterparts were encouraged and maintained through holding business meetings, trade fairs, forums, seminars and social gatherings. "It is important to bolster trade relationships between two countries with strong middle-class, transparent values, H.E. Philip Mackinnon, Canadian Ambassador to Egypt said. Mackinnon hailed the CanCham's mission to develop and facilitate constructive relationships between the Canadian and Egyptian business communities. "They have succeeded to put Canadian business people with Egyptian business people to contribute to healthy societies and economies, he said. Amongst the guests were Ahmed Darwish, Minister of State for Administrative Development attending on behalf of Prime Minister Amhed Nazif, Hany Hilal, Minister of Higher Education and Aisha Abdel-Hadi, Minister of Manpower and Immigration. The event's attendance reflected the cooperation domains that are vital to both countries. "The prospects are enormous, not only in trade, but in higher education, telecommunications and training. Although it has only been two years since the CanCham started operating, the fruits of cooperation are being harvested, Darwish said.
