18 December 2018 01:19 PM

Economic Relations

Monday، 14 December 2015 12:00 AM

Economic relations between the two countries witnessed a new level of activities during the past few years. Egyptian exports registered a 160% increase in 2009 (U.S$ 116 million compared to U.S$ 73 million in 2008) which can be considered a major improvement taking into consideration the severe economic and financial crises the world has witnessed during that year.

Major Egyptian Companies such as the Arab Contractors, Orascom Construction, Mantrac, Elsewedy Cables and EGYPRO have established themselves as strong players, with total investment exceeding U.S$ 1.4 Billion, in the Nigerian Market and were able to work on major projects.

The Egyptian Nigerian Business Council was established to foster business cooperation between the two countries and to institutionalize the relationship between the business communities on both sides, as a major mechanism to enhance bilateral trade and the promotion of investment.

The Presence of Egypt Air, which commenced its flights from Cairo to Abuja since June 2009, in Nigeria helped in increasing the number of tourists traveling to Cairo, taking into consideration that Egypt Air now operates 14 flights / week from Cairo to Abuja, Lagos and Kano. In addition to the presence of 160 Egyptian Physicians throughout, this has helped promote a major destination for Medical Tourism.

Contractual Framework

  • Memorandum of Understanding for Political consultations (2000).
  • Memorandum of understanding between Diplomatic institutes (2000).
  • Agreement on Promotion and Protection of Investment (2000).
  • Trade Agreement (2002).
  • Agreement on Economic, Scientific and Technical Cooperation (1982).
  • Memorandum of Understanding on air transportation (2007).
  • Memorandum of understanding between export promotion centers (1988).
  • Agreement on Cultural and Scientific Cooperation (1974).
  • Memorandum of Understanding on Health and Medicine (2002).
  • Memorandum of Understanding on irrigation (2002).
  • Memorandum of Understanding on Telecommunications and Information Technology (2004).
  • Memorandum of Understanding on Standardization (2007).
  • Several other Memorandums of Understanding between Academic Institutions in both countries covering cooperation in the fields of health, education and scientific research.

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