18 November 2018 06:52 PM

Economic Relations

Thursday، 16 November 2017 - 03:14 PM

The two sides signed an Accord on Investment Guarantee which entered into force on 29/04/1994, and that on Prevention of Double Taxation, which came into force on 28/05/2006. The two sides signed the new financial protocol valued 370 Million Euros on 05/02/2008 for the next two years and out of which 120 Million Euros were not exhausted and was added to the current protocol. The Spanish side provides highly facilitated loans to finance infrastructure projects such as equipping renewable energy generating projects, modernizing the railways network, and health projects. The Spanish side responded to the Egyptian request to put the protocol loans under more flexible terms and facilities and to include the protocol an item that allows extending loans to small and medium-sized enterprises in accordance with facilitated terms.

The Spanish investments in Egypt amounted to 947 million euros and the number of Spanish companies working in Egypt amounted to 193 companies according to the data of the General Authority of Investment and free Zones (GAFI).

Industrial investments occupy the first place with an estimated value of $846 million and 63 companies, followed by the construction sector with an estimated value of $43 million and 28 companies, then the service sector with an estimated value of $40 million and 65 companies.

Tourism investments ranked 4th with an estimated value of $11 million and 26 companies, investments in the financing sector amounted of $6 million and one company and finally the agricultural investment and ICT investments.

Regarding the Spanish investments, Alexandria topped Egypt’s cities with a total of $ 343 million and 16 companies, Damietta with investments of $300 million and 6 companies, Suez with a total of $ 86 million and 3 companies, Cairo with a total of $ 82 million and 79 companies while Giza is ranked 5th with investments of $ 60 million and 39 companies.

Trade between the two countries is organized by the Egyptian-European partnership agreement, signed in June 2001 and entered into force in 2004, according to which a tariff reduction system was established on several sections regarding category and type of the product.

On 30/8/2017, Egyptian exports to Spain almost doubled in the first half of 2017 to stand at 344 million dollars against 233 million dollars in the corresponding period last year, Trade Minister Tareq Qabil said. Egyptian imports from Spain almost halved in the first half of 2017 standing at 550 million dollars against 1.3 billion dollars in the same period last year, he added.

On 15/8/2016, Agriculture Minister Essam Fayed inspected greenhouses affiliated to Tecnova Research Center where experiments to fight insects and pests are being conducted. The minister inspected one of the greenhouse wastewater treatment plants where sewage water is reused to rationalize water used in irrigation. The mechanism could be applied in Egypt especially in line with the country's plan to rationalize water consumption, Fayed said. He also visited a number of international companies manufacturing greenhouses' components to mull the feasibility of applying such projects in the North African country.

On 1/5/2015, President Sisi and Spanish Prime Minister Mariano Rajoy attended the signing of a security and anti-crime agreement. The agreement was signed by Foreign Minister Sameh Shoukry and Spanish Interior Minister Jorge Fernández Díaz. The president also attended the signing of three memos of understanding on protecting stolen cultural property, tourism and infrastructure. The Egyptian foreign minister signed the first two memos with his Spanish counterpart José Manuel García-Margallo and Industry, Energy and Tourism Minister José Manuel Soria. The third was signed by Egyptian Transport Minister Hany Dahy and Spanish Transport and Development Minister Ana Pastor.

On 1/5/2015, an institutional agreement has been signed between Egypt and Spain to support the capabilities of the Egyptian government, said Minister of Finance Hani Qadri. In press statements on Friday, Qadri said the agreement is meant to share the experiences of the European institutions with their counterparts in the Egyptian government. The agreement included a project to support the institutional capabilities of the Finance Ministry along with developing and organizing the accounting and auditing systems, he said. Qadri noted that the project aims at reforming the legal framework of the accounting and financial auditing systems.

On 28/4/2013, within the framework of implementing the Suez Canal Corridor Development project Egypt’s prime minister attended the signing ceremony of an agreement between Egypt and Spain to build three tunnels in Suez Canal area. The deal signed by Egypt's National Authority for Tunnels and a Spanish company.

Contractual Framework

 

 

Accord

Signing date

Entering into force

1

Treaty of Friendship and Cooperation between the two countries

5/2/2008

19/2/2009

2

Accord on Cooperation between the Cairo Chamber of Commerce and the Chamber of Commerce of San Sebastian

11/07/2007

11/07/2007

3

Accord on Cooperation between the Federation of Egyptian Industries and the Barcelona Chamber of Commerce on cooperation in the fields SUB- CONTRACTING

11/07/2007

11/07/2007

 

Accord on Cooperation between the city of Barcelona and Alexandria Governorate

12/07/2007

12/07/2007

5

Accord on Cooperation between Cairo Chamber of Commerce and Madrid Chamber of Commerce and Industry

9/07/2007

9/07/2007

6

Accord on Cooperation between the Egyptian Export Development Bank and the Spanish Corporation for Guaranteeing Loans CESCE

9/07/2007

9/07/2007

7

Memorandum of Understanding between the Technological Development sector in Ministry of Trade and Industry of Egypt and the Spanish Centre for the Development of Industrial Technology CDTI

9/07/2007

9/07/2007

8

Memorandum of Understanding on Developing Scientific Research Cooperation

9/07/2007

9/07/2007

9

Accord on Avoiding Double Taxation

28/05/2006

10/06/2005

10

Accord on Conveying Convicts.

5/04/1994

1/08/2005

11

Egyptian-European Partnership Agreement

25/06/2001

1/06/2004

12

Memorandum of Understanding on Tourism cooperation

13/02/2001

13/02/2001

13

Memorandum of Understanding on Financial Cooperation in (310) Million Dollars

10/02/1998

28/06/2000

14

Accord on Opening an account for Food Aid

4/04/1994

22/09/1994

15

Accord on Encouraging and Protecting Investments

03/11/1992

26/04/1994

16

Scientific and Technical Cooperation Accord

12/03/1991

29/03/1993

17

Economic Cooperation Accord

12/03/1991

05/1/0993

18

Air Transport Accord

12/03/1991

19/05/1993

19

Media Protocol

20/03/1998

20/03/1998

20

Scientific Cooperation Accord

18/11/1985

18/11/1985

21

Protocol on Radio and Television Cooperation

04/05/1979

04/05/1979

22

Compensations Accord

14/04/1982

21/01/1984

23

Accord on Inter-Trade between the two countries

19/05/1976

12/07/1977

24

Scientific and Technical Cooperation Accord

13/06/1975

15/04/1976

25

Accord on Technical Cooperation in the field of Tourism

18/03/1975

18/03/1975

26

Trade and Economic Cooperation Accord

24/12/1970

28/10/1971

27

Scientific and technological cooperation Accord

21/01/1970

06/11/1970

28

Cultural Cooperation Accord  

19/01/1967

19/12/1967

29

Protocol No. (3) annexed to the Trade and Payment Convention

29/05/1966

29/05/1966

30

Protocol No. (2) annexed to the Trade and Payment Convention on

11/02/1965

11/02/1965

31

Protocol No. (1) annexed to the Trade and Payment Convention

24/03/1962

24/03/1962

32

Accord on Trade and Payment

26/10/1960

24/03/1962

33

Exchanging Notes regarding the (Sephardi) Jewish families resident in Egypt

16/01/1935

17/01/1935

34

Trade and Payment Accord

31/03/1930

31/03/1930

 

 

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