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Businessmen: a Lebanese interest in investing in Egypt in restaurants, tourism and industry

The Egyptian-Lebanese Businessmen Association confirmed that in the last 7 years, Egypt witnessed a construction and urban renaissance and a daring economic reform that was the main impetus for achieving many achievements on the economic, social and developmental levels in the most difficult years that passed by the whole world due to the repercussions of the Corona pandemic.


This came during a digital symposium organized by the Economic Relations Committee of the Egyptian Lebanese Association for Men entitled: “Direct Investment Opportunities and Egyptian-Lebanese Integration” with the participation of Marwan Zantout, Chairman of the Economic Committee of the Association, Ahmed Zuhair, Director General of the External Promotion Sector at the General Authority for Investment and Free Zones, Nour Atwi, Economic Attaché at The Lebanese Embassy, ​​Tamer El-Sayed, Head of the Commercial Representation Office at the Egyptian Embassy in Lebanon, along with a number of new investors. The seminar was organized by Amr Fayed, Executive Director of the Egyptian-Lebanese Businessmen Association.


She added that Egyptian-Lebanese and Arab integration today constitutes an urgent necessity to confront global risks, and in this context, the Egyptian-Lebanese Businessmen Association seeks to push integration between state agencies and business organizations towards greater prospects for Arab investment opportunities, especially Lebanese in Egypt, by working to increase trade exchange and establish projects. Joint investment, overcoming all obstacles and exploiting opportunities, capabilities and productive capacities in various sectors in the country.


The Chairman of the Association’s Board of Directors, Eng. Fateh Fawzy, said that the Egyptian-Lebanese Association puts its capabilities and expertise to support sisterly Lebanon to get out of its crises within the framework of its support for the brothers and sisters of the Lebanese businessmen, adding: “We hope that the Lebanese crisis will find a way to resolve, and we are fully confident that in the end Lebanon will keep its children a destination for tourism, culture and business. , expressing his hope that the situation in Lebanon will return to stability as soon as possible.


For his part, Marwan Zantout, head of the Economic Committee of the Egyptian-Lebanese Businessmen Association, said that Lebanon is capable of overcoming its crises and will return to its previous era with national alignment and advancing the interests of the country.


Zantout added, given the crises and challenges that the Arab region is witnessing, the slogan that we raise as a business community remains that true integration between the private sector, officials and diplomats keeps hope in overcoming the economic and political crises that plague Lebanon and our Arab societies. Through integration and cooperation, we can turn crises into real opportunities.


He pointed out that Egypt has witnessed a bold reform process and the largest construction and development movement in its modern history, pointing out that pumping huge investments into infrastructure projects shows how many opportunities are available to Arab and foreign capital in various fields.


The head of the Economic Committee said that looking at international indicators about growth rates in Egypt is evidence that it is the land of great opportunities for a number of considerations, the most important of which are security, safety, stability and the business environment, which despite some difficulties, is the most attractive and most profitable in the Arab region.


Ahmed Zuhair, Director General of the External Promotion Sector at the General Authority for Investment and Free Zones, said that Egypt and Lebanon have close relations at all levels, wishing Lebanon to return to its previous era.


Zuhair stressed that foreign investments in Egypt have witnessed a great boom during the last period, and there is a great momentum for Lebanese businessmen to discuss investment opportunities in Egypt, pointing out that Lebanese investment is concentrated in the industrial sector and restaurants, noting that the volume of Lebanese investments is estimated at about $5 billion in Various sectors, especially finance, industrial, service and construction sectors.


 He added, as the opening of the new administrative capital provides many job opportunities and Lebanese projects, especially with the transfer of the government and all ministries and agencies in January.


He pointed out that the investment map contains all opportunities, whether service or investment projects, and Lebanese investors can view the opportunities available for investment in Egypt.


He pointed out that the General Investment Authority has taken a new approach and different policies to encourage direct investment in Egypt by working to provide investment and work opportunities for various companies outside Egypt in light of what many companies have enjoyed in terms of ability and experience to expand their activities abroad, including providing reconstruction opportunities.


Regarding the priority sectors of the state in the next stage, the Director General of the External Promotion Sector at the General Authority for Investment and Free Zones confirmed that the Corona crisis has changed the compass of the interests of countries in the whole world, noting that the health sector is currently a top priority for the Egyptian state, whether for projects to improve the health system and the quality of services and laboratories. We aim to manufacture Sina Pharma vaccines locally.


Zuhair added, while the ICT sector and digital transformation projects come in second place in the state's priority to attract investors, noting that the IT sector is one of the sectors that attract investment, as it is targeted to trade more than 500 billion pounds annually through credit cards and electronic payment, expecting to inject investments The total in this area is estimated at 1.5 billion dollars starting next year.


Tamer El-Sayed, Head of the Commercial Representation Office at the Egyptian Embassy in Lebanon, said that commercial representation works in parallel with the increase in the volume of intra-regional trade and direct investment. It also plays an important role in coordination with the government and relevant ministries to work on finding solutions to the problems faced by intra-trade, including the aluminum export crisis to Lebanon due to Imposing dumping fees, as the Director General of the Ministry of Commerce and Industry was contacted, and work is underway to solve them.


He added, also contributes to the Office of

He added, the Commercial Representation Office and the Egyptian Embassy in Lebanon also contribute to the reconstruction of Beirut Port in coordination with the Egyptian authorities, where the area was visited and the damage caused by the explosion outside the port was surveyed and all the required works of facilities, roads and infrastructure projects required.


Al-Sayed emphasized that intra-regional trade was significantly affected as a result of fluctuations in the price of the dollar and the weak purchasing power of the Lebanese, as Egyptian exports to Lebanon decreased by 50%, while Lebanese exports to Egypt decreased by 40% in 2020.


In the field of direct investment, he indicated that the restaurant sector is witnessing an increasing demand for Lebanese investment in Egypt, stressing that there is a strong movement of delegations of Lebanese businessmen and investors to Egypt in the past four months to discuss investment opportunities.


Nour Atwi, Economic Attaché at the Lebanese Embassy in Cairo, said that the balance of trade exchange between the two countries has historically been in Egypt's interest, with total Egyptian exports estimated at $300 million, compared to $85 million in Lebanese exports, figures that do not match the size of relations between the two countries. .


Atwi added, while in the field of direct investments, the restaurant sector is receiving the attention of the Lebanese in Egypt in the current period, in addition to industry and tourism.


 She pointed out that the first goal of the Lebanese embassy is to maintain and support the continuity of investments and the movement of Lebanese trade at the present time by benefiting from the good relations with all Egyptian bodies, as the Ministry of Trade and Industry and the Investment Authority showed great interest in helping Lebanese investors work to find solutions to problems and new job opportunities for growth and expansion.


Rania Melli, one of the new investors, said that the volume of work in development and national projects in Egypt, which provides huge opportunities for growth for Lebanese companies, was the impetus to invest in the industrial sector in the field of marble.