Pakistan invites Egypt to invest in energy, agriculture, mining and IT sectors

• President Asif Ali Zardari meets Egyptian Foreign Minister Dr. Badr Ahmed Mohamed Abdelatty in Islamabad
• Pakistan, Egypt have agreed to revive key business and trade forums next year to bolster bilateral cooperation

ISLAMABAD: President Asif Ali Zardari has invited Egypt to invest in Pakistan’s priority sectors such as Information Technology, logistics and construction, state media reported on Sunday as Islamabad eyes greater trade and business cooperation with the North African country.

Zardari met Egyptian Foreign Minister Dr. Badr Ahmed Mohamed Abdelatty on Sunday, who arrived in Islamabad over the weekend to review defense, economic and diplomatic relations between the two nations.

During a joint news conference with Abdelatty on Sunday, Deputy Prime Minister Ishaq Dar announced the two countries will establish a new business council, which will be followed up with a meeting of the Pakistan Egypt Business Forum next year. In a bid to revive bilateral trade and investment, Cairo and Islamabad will also hold a meeting of the Joint Ministerial Commission between the two states next year after a gap of 16 years, Dar said.

“The president encouraged greater Egyptian investment in sectors where opportunities are expanding, including energy, logistics, construction, agriculture, mining and IT,” state broadcaster Radio Pakistan reported.

Zardari hoped Pakistan and Egypt will reinvigorate cooperation in trade, investment and people-to-people exchanges. He noted that Islamabad’s relations with Cairo are rooted in shared faith and mutual respect.

“The two sides also exchanged views on key regional and international issues, reaffirming their resolve to work together for peace, stability, and prosperity,” Radio Pakistan said.

Pakistan has eyed greater foreign investment in recent months as it looks to escape a prolonged macroeconomic crisis that has drained the country’s resources and weakened its national currency over the past few years.

Islamabad has signed business and trade agreements with UAE, Saudi Arabia, Azerbaijan, Turkiye, China and other nations worth billions of dollars over the past couple of years as it hopes to bolster its priority sectors.

Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil and military government body in 2023 to fast-track decisions related to foreign investment in livestock, tourism, agriculture, mining and minerals, and others.