Egypt, Romania sign 5 cooperation documents

Egyptian Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Romanian Minister of Economy, Entrepreneurship, and Tourism Stefan-Radu Oprea co-chaired the fourth session of the Egyptian-Romanian Joint Committee for Economic, Scientific, and Technical Cooperation.

This meeting is the first since the 2019 session.

During the meeting, a memorandum of understanding (MoU) in investment was signed between the General Authority for Investment and Free Zones and the Romanian Agency for Investments and Foreign Trade.

Both countries also signed an executive work plan for the MoU in agriculture and land reclamation.

Moreover, the Egyptian Micro, Small, and Medium Enterprise Development Agency and the Romanian Ministry of Economy, Entrepreneurship, and Tourism signed an MoU for developing MSMEs.

The two countries also signed an agreement to install gas distribution pipeline services.

In addition, Romanian company Town Gas and Egyptian company Cis-Gas signed an agreement to manufacture specific products for the oil and gas industry.

The fourth session also witnessed the signing of the joint committee protocol.

During the session, Al-Mashat highlighted the investment opportunities for Romanian companies in Egypt, especially in renewable energy, green hydrogen, and information technology.

She also stressed the importance of the Suez Canal Economic Zone as a vital investment base for companies hoping to expand their operations in the Middle East and access Africa and the Arab region.

The two sides also discussed cooperation within the Carbon Border Adjustment Mechanism (CBAM) to enhance green transition efforts and reduce emissions.

Similarly, Egypt and Romania signed four MoUs in several fields, including economic and agricultural issues, in 2017.

According to the Central Bank of Egypt, Romanian foreign direct investment (FDI) inflows to Egypt recorded $600,000, while Egyptian FDIs to Romania recorded $3.6 million in FY2022/2023. 

According to Trade Map, the trade volume between the two countries reached $1.27 billion in 2023, with around $520 million in exports from Egypt to Romania and $745 million in imports from Romania to Egypt.