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Arab-Latvian Chamber of Commerce promotes economic cooperation between Latvia and Egypt

BC, Riga, 06.08.2015.Print version
From the 25th to the 31st of July, the Arab-Latvian Chamber of Commerce (ALCC) led a business delegation to Egypt to source new export markets. The delegation included more than 20 pre-selected, leading Latvian companies from a range of industries with export potential within Egyptian markets.

These companies covered a wide range industries; from ICT, transport and logistics to construction and waste management, energy and commerce.

 

The visit was focussed on the "New Egypt" concept – the designation is being used as a symbol regarding the construction of the new Suez Canal, which formally opens on the 6th of August, 2016.

 

The project is part of an ambitious plan to develop a zone around the canal into an industrial and commercial hub that would include new urbanisation, infrastructure and technology development. Thus creating a huge demand for various resources, products and services.

 

Cooperation opportunities and real projects were discussed during the visit. The Arab-Latvian delegation participated in high-ranking collective and bilateral meetings with the General Authority for Investment and Free Zone, Egyptian Agriculture Authority, General Union of Egyptian Farmers, General Authority for Fish Resources Development, Ministry of Electricity and Renewable Energy, Egyptian Electricity Holding Company, Arab Organisation for Industrialisation, Suez Canal Authority, Egyptian Holding Company for Airports and Air Navigation, authorities from Ismailia Governorate and Hurghada Municipality, as well as general Egyptian business executives and leaders from both the public and private sectors.


Economic cooperation between Latvia and Arab Republic of Egypt

In the first half of 2014, Latvia's total trade turnover amounted to €30.13 million, with Egypt ranked 31st amongst Latvia`s numerous foreign trade partners. The total exports of goods and services to Egypt amounted to €27.61 million, which represents 0.64 percent of total Latvian exports, while total import of goods and services were €2.52 million which represents 0.05 percent of total Latvian imports. In the first half of 2014, Latvia`s trade surplus with Egypt was €25.09 million.

 

The Arab-Latvian Chamber of Commerce is a non-profit, Latvian organisation that serves as a conduit to create strategic connections between the Arab world and Latvia's (Baltic) private sector enterprises, government officials, trade development agencies, and academic institutions. The ALCC has representative ambassadors in all 22 Arab countries.






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