CAIRO, March 5 (MENA) - Kazakh Ambassador in Cairo Arman Issagaliyev praised the new investment law which, he said, encourages foreign investments and allows Egyptian businessmen to do their businesses freely away from government bureaucracy. Speaking to MENA, the diplomat said both Egypt and Kazakhstan have taken big strides over the past few years to create an investment-magnet climate. As for trade exchange between the two countries, he said Kazakhstan is Egypt's gateway to the Eurasian Economic Union that groups Russia, Belarus, Armenia and Kazakhstan, with a total Gross Domestic Product of 2.2 trillion dollars. But the size of trade exchange between the two countries does not level up to the potentials both countries enjoy, he added. As Kazakhstan is one of Egypt's biggest wheat exporters, the country is planning to invest in setting up wheat silos at the ports of Safaga and Suez. He said Kazakhstan will support Egypt in the Free Trade Area negotiations with the Eurasian Economic Union. He made clear that Egyptian medicine is much favoured in the Kazakh market because of its high quality and affordable price. As for tourism, he said Kazakhstan ranks second in terms of the number of tourists visiting Sharm el Sheikh next to Ukraine. Kazakhstan operates 15 flights weekly and the number will increase this month with the start of charter flights to the cities of Hurghada and Aswan, he added.
