Egypt, Austria sign letter of intent to enhance economic cooperation

Egypt and Austria signed on Thursday a letter of intent to enhance the economic cooperation between the two countries.

Egypt’s Prime Minister Mostafa Madbouli and Austrian Federal Chancellor Karl Nehammer witnessed the signing of the letter of intent on the sidelines of the Egyptian-Austrian business forum taking place in Cairo.

The new letter paves the way for a new phase of joint work between Egypt and Austria through the expansion of cooperation between the two countries to include further fields of mutual interest, Egyptian Minister of International Cooperation Rania Al-Mashat during the signing ceremony.

The letter will also help enhance the exchange of expertise between Egypt and Austria and stimulate partnership between the business forums and the private sector based on the special relations between Egypt and Austria, the minister added.

Madbouli and Nehammer also chaired a roundtable for the Egyptian and Austrian business communities.

During the roundtable, Madbouli said the Austrian investments in Egypt have amounted to around $27 million through 173 companies operating in various sectors, such as chemical industries, transportation, engineering industries, construction, and food and pharmaceutical industries.