20 October 2020 12:59 AM

Economic Relations

Thursday، 09 November 2017 12:00 AM

Egypt and Lebanon have strong economic relations and the Egyptian-Lebanese Joint Committee was able to promote and support the trade movement between the two countries, especially after the liberation of Lebanon from the Israeli occupation.

On 23/3/2017, the eighth session of the Higher Committee of Egypt and Lebanon was held under the chairmanship of the Prime Ministers of the two countries. The two sides attended the signing ceremony of 17 documents and a protocol for joint cooperation between the two countries, which contribute to support and enhance all fields of cooperation.

The agreements signed between the two parties included:

-  Protocol on Cooperation in the Field of Administration and Civil Service, Memorandum of Understanding for Cooperation in the Field of Veterinary Services, Executive Program for Cooperation in the Field of Tourism, Cooperation Protocol in the Industrial Field, Memorandum of Understanding for Cooperation between the Egyptian International Trade Zone and the Lebanese Trade Information Center and Memorandum of Understanding on Participation in International Exhibitions and Fairs.
-    A memorandum of understanding for cooperation in the field of intellectual property and patents, as well as the Executive Program for Cultural Cooperation, a memorandum of understanding for cooperation in the field of archeology and heritage, the first executive program for cooperation in the field of environmental protection, executive program of cooperation in the field of sport, executive program of cooperation in the field of youth, and a memorandum of understanding for cooperation in the field of consumer protection, and a memorandum of understanding for cooperation in the field of micro and small and medium-sized enterprises, and a memorandum of understanding for cooperation in the security field.

Lebanon's investments in Egypt are employed in more than 1300 projects and Lebanon is ranked the 13th among 152 countries investing in Egypt. The Economic and Business Group plays an active role in enhancing the relationship between Egyptian and Lebanese businessmen.

In May 2016, the Egyptian-Lebanese Friendship Association for Businessmen participated in the Egyptian-Lebanese Cooperation Forum in Africa, which was held in Cairo with the participation of Lebanese businessmen, officials and importers of African markets as part of the initiative launched by the association with a number of business organizations ; The Chamber of Metal Industries and the Export Council for Building Materials in cooperation with the Commercial Representation for the Egyptian-Lebanese Cooperation for Export to Africa.

In June 2016, the first export deal under the "Egypt-Lebanon-Africa" initiative was concluded in  the contracting of exporting 60 containers of Egyptian ceramics to Uganda after the establishment of the Egyptian Lebanese Company to support the Egyptian export to Africa.

In April 2016, Lebanon and Palestine joined the Agadir Agreement, which includes Egypt, Tunisia, Morocco and Jordan, during the third meeting of the Agadir Trade Ministers' Committee. The Ministers of the 4 countries also signed agreements for joint cooperation in different fields and protection of industrial property.

The most important merchandise exchanged between the two countries:

- Top 10 merchandise in Egyptian exports to Lebanon

Iron or steel rods, copper wire, potato, industrial detergent, vegetable and animal oils and greases, petroleum kerosene, iron products, bricks, ceramic tiles, plastics and articles thereof.
- Top 10 merchandise in Egyptian imports
Scrap iron, apple, paper machinery and board, plates and sheets, plastics, phosphoric acid, paper and cardboard, books and publications, Portland cement, tractors, spare parts for cars.

    Egypt - Lebanon initiative to Africa

In early 2016, the Egyptian-Lebanese initiative was launched at the Egyptian-Lebanese Meeting in Beirut. The Egyptian Ambassador to Lebanon Dr. Mohamed Badr El-Din Zayed called for this initiative in the presence of representatives of many Egyptian and Lebanese business organizations and companies. Egyptian-Lebanese companies working in the field of building materials and construction participated in the conference, in coordination with the Chamber of Commerce, Industry and Agriculture in Beirut, Tripoli and Sayda. Egypt is selected as a geographical gateway to the African continent because it has successful industrial bases in a number of important sectors including pharmaceuticals.

The establishment of an Egyptian-Lebanese company for marketing Egyptian and Lebanese exports in the African continent is the effective tool for the Egypt-Lebanon initiative to Africa and the first step towards a larger Arab-African economic integration project.
It is planned to focus on a number of African countries in the first phase of the initiative such as: Côte d'Ivoire, the Democratic Republic of Congo and Nigeria, through the envoy of commercial missions to these countries from among Egyptian businessmen working in the sectors of building materials, medicines, cosmetics, garments, household furnishings, chemicals, and food industries, starting the last quarter of 2016.

Commerce Missions to Africa:

-In March 2016, the Egyptian Trade Mission for the Building Materials Sector visited Beirut in a four day visit organized by the Ministry of Trade and Industry, represented in the Commercial Representation Authority, in cooperation with the Export Council of Building Materials and the Chambers of Building Materials and Mining Industries in the Federation of Industries and the Egyptian Lebanese Friendship Society. From the Lebanese side, Talal Nasr El Din, member of the African continental council, and the Egyptian side Majid El Menshawy and Ahmed Abdel Hamid .

The meeting resulted in:

- Signing an agreement to establish an Egyptian-Lebanese company based in Beirut, in addition to establishing the Egyptian-Lebanese Forum for Cooperation in Africa.
 - The establishment of the Egyptian-Lebanese Forum for Cooperation in Africa as a recognized NGO in Beirut targeting the promotion of Egyptian industries in Africa using a number of mechanisms of cooperation with the countries of the continent.

Egyptian Lebanese Business Council
On 3/6/2017, the Lebanese Business Council was held in Beirut, attended by Lebanese Minister of Economy and Trade Raed Khoury and Agriculture Minister Ghazi Zuaiter. The meeting was attended by officials of the Egyptian Embassy in Lebanon and the Egyptian Trade Representatives. The meeting discussed the promotion of economic relations between the two countries.

Eng. Ahmed El Sewedy, head of the Egyptian side of the Egyptian-Lebanese Business Council, said that the council will focus on the sectors that have competitive advantages in the Lebanese market, mainly construction materials, agricultural crops, food industries, engineering and chemical industries.

He pointed out that the plan of the Council aims to increase the volume of trade exchange between the two countries to reach $ 1.5 billion and that the Egyptian exports reach 1.25 billion and Lebanese exports to Egypt to reach 250 million dollars, noting that the volume of trade exchange between the two countries reached 850 million dollars in 2016 with Egyptian exports representing 90% of it. Lebanese investments in Egypt reach 4 billion dollars and it is intended to be   increased to 5 billion. He explained that Egypt is considered the cheapest industrial country in the world and it is a large industrial base with low price electricity, lands and labor.

On 4/8/2017  Fathalla Fawzy –chairman of the Egyptian-Lebanese Businessmen Association declared that the Lebanese government intends to increase its investments in Egypt to reach
$5.5 billion at the end of 2018.Lebanon’s imports from Egypt  are estimated at $750
millions whereas its exports to Egypt reached $100 millions. Lebanon is the 14th
investor in the Egyptian market implementing 1239 projects in different sectors

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