CAIRO: Representatives of Egypt and Austrian public and private sectors came together this week to celebrate the establishment of the EgyptianAustrian Business Council. The high profile event included speeches by Minister of Industry and Trade Rachid Mohammed Rachid; Ambassador Mostafa El-Fiqi, president of the EgyptianAustrian Friendship Association; and Richard Schenz, vice president of the Austrian Federal Economic Chamber. Austria has a very close relationship with Egypt in all fields . Nevertheless, I understand that the bilateral economic relations between Austria and Egypt need all possible support, said Schenz on Tuesday. With a population of 8.2 million, Austria ranks tenth in terms of gross domestic product (GDP) per capita. In 2005, Austria exported 127 million euros worth of products to Egypt and imported 25 million euros worth of Egyptian products. An approximate 137,000 Austrian tourists visited Egypt during the same year with an expected increase in 2006. I have to admit that our trade and investment relationship have a long way to go, said Rachid. Commenting on the council that will be presided over by Emad El-Din Taymour, Rachid said, We need that push . I could see many fields of cooperation. I invite you to use the newly formed EgyptianAustrian Business Council to make use of the opportunities offered to expand the bilateral business relations, added Schenz. He explained that the Austria delegation he leads includes companies looking for business partners and others looking to expand their contacts in Egypt. Major Austrian projects in Egypt in the past two years include a joint venture production in railway track technology, a bio diesel plan in Ain El-Sukhna and an emission abatement plan in Abu Qir, Alexandria. Both Schenz and Rachid highlighted the importance of supporting the private sector in such endeavors. The government today is in the process of changing its mind set, Rachid noted.
