In March, Qatar and Egypt signed a combined investment agreement worth $ 5 billion, Egypt officials told Doha News.
Egypt and Qatar should avoid looking back and focus on the future, Cairo’s finance minister told Doha News on Tuesday, just days before Qatar’s Amir Tamim bin Hamad Altani’s visit to Cairo. Told.
“I don’t think we need to look back on anything [and] Mohammed Mate told Doha News in an exclusive interview with bystanders at this year’s Qatar Economic Forum (QEF).
“We believe that the future of our region depends on our actions and that our people judge our success or failure according to our actions. [and] How we promote cooperation and how we create a better environment that can benefit our people, “he said.
Cairo and Doha signed a Memorandum of Understanding (MoU) to expand financial and economic cooperation at their second QEF event in Doha earlier this week.
A memorandum of understanding signed between Qatar’s Minister of Finance Ali bin Ahmed al-Qwali and his Egyptian counterpart, Might, states: [the] The two provinces of Egypt’s finances and Qatar will further cooperate. And next month, we will discuss the elimination of double taxation between the two countries, “Egyptian officials told Doha News.
He pointed out the hope of further expanding diplomatic and economic relations with Qatar and promoting trade between the two countries, especially through direct investment with the private sector.
Egypt has made significant advances in infrastructure over the last seven years and has invested more than $ 400 billion. “We have many opportunities and we believe.
Qatar’s diversification of investment will expand the economic sector between the two, the minister added.
Currently, there are 4,500 industrial cooperations between Egyptian and Qatar companies, which have been restored in recent months and more trade is expected.
In March, the Egyptian government said Qatar and Egypt had signed investment agreements worth $ 5 billion in various industries.
“Our economic relations are growing and I am very happy,” Maait told Doha News on Tuesday.
“Since last year, we have had regular visits to Doha and Cairo, and again.
$ 5 billion, $ 3 billion agreement deposited with the Central Bank of Egypt
Diplomats added that the discussion centered around steering in this right direction.
“Qatar’s investment in Egypt could increase further.”
Egypt was one of four countries: Saudi Arabia, the United Arab Emirates, and Bahrain, which imposed an illegal air, land, and sea blockade on Qatar in 2017 over the allegations that Doha was supporting terrorism. The embargo had a total impact, with diplomatic relations cut off, imports suspended, and the people of all concerned countries struck by the political crisis.
However, it all ended in January 2021 when the Alura Agreement was signed to restore diplomatic and trade relations between Qatar and the closed nations.
Immediately after the summit in Arura, Saudi Arabia, Qatar’s Finance Minister Arial Emady attended the opening ceremony of the St. Regis Hotel in Cairo. This is a $ 1.3 billion investment by Qatar Dia Real Estate Investment Company.
A few months later, in June 2021, Egypt’s Sisi was Amruel Shelviny as a national envoy to Doha, then regarded as a step towards rapid economic and diplomatic normalization between the two countries. Was nominated.
On Friday, Qatar’s Amir Sheikh Tamim landed in Cairo for his first visit to Egypt since the blockade. The leaders of the Gulf countries met with Egyptian President Sisi. This is the most obvious and key indicator that the relationship between the two states has been fully restored.
“Each of us is dreaming of tomorrow, dreaming of better. Tomorrow is dreaming of safety, prosperity, work, young people looking for work, our people looking for a better life. “I dream of it,” said the Egyptian minister about his home country. 15 to 24.
However, although the relationship seems warm, the Sisi administration continues to crack down on the press, including Al Jazeera journalists.
Last month, an Egyptian court sentenced Doha-based Al Jazeera presenter Ahmed Taha to 15 years in prison. Taha was convicted in 2018 of “spreading false news” during an interview with opposition leader and former presidential candidate Abdul Monaim Abourg Photo.
Such accusations are frequently raised against journalists and activists as Egypt continues to reign as one of the world’s worst prison officers in the press.
There are four Al Jazeera journalists currently detained in Egypt, and it is unclear whether their release will be a problem at a meeting between the two leaders on Friday.
Impact on Ukraine’s Cairo
To address QEF, Maait pointed out the important role of the forum in addressing concerns that affect the planet. Things evolve and evolve. “
In particular, the minister pointed out some concerns, such as the war in Ukraine, high inflation, and high funding. [as well as] Confusion and supply chain “.
Since Russia’s invasion of Ukraine began, Egyptian President Abdel Fatta Elsisi has refused to blame Moscow’s actions “as strongly as the United States demands” and “balanced” both relations. I tried, the New York Times reported last week.
Egypt imported about 80% of wheat from Russia and Ukraine last year. Since the invasion of Ukraine on February 24, Egyptian wheat importers have experienced record highs, payment problems caused by sanctions against Russia, especially the turmoil in shipping Black Sea wheat from Kyiv.
“We are the largest wheat importer in the world. We have 104 million people.
Wheat consumption is high. ” “We are importing about 12 million tonnes. You can see that we used to buy at a cost of 220 or 230 tonnes, but now we are talking about 470 or 500. [a ton]”He continued.
Egypt has experienced price doubling and is trying to manage more land allocated for wheat growth each year, Maait told Doha News this year, “500,000 tons, another next year. I hope that. “
“Currently we produce from about 9 million tonnes up to 10 tonnes, which is less than 50% of our needs.”
To contain this situation, Egyptian diplomats said the country is in talks with other markets: India, Romania, France and Russia to secure “12 million tons”.