Egypt and Bahrain signed 11 memoranda of understanding (MOUs) in various fields on Tuesday during a two-day visit from Bahrain’s King Hamad bin Issa al-Khalifa to Cairo, Egypt’s state news agency MENA reported.
The MOUs, which were signed at the Bahraini-Egyptian Business Forum, included agreements to cooperate in the fields of medicine, entrepreneurship and construction, among others.
Among the signed agreements is one that will see pharmaceutical and cosmetics company Eva Pharma establish factories in Egypt and Bahrain, in addition to another agreement between Bahrain’s Gulf Chemicals and Industrial Oils Company and Abu Qir Fertilizers Company to exchange expertise, maintenance and safety.
Egypt’s Minister of Industry and Trade Tarek Kabil said at the forum that Bahrain is the fourteenth top investing country in Egypt, with investments amounting to more than than USD 2.7 billion.
On her part, Minister of Investment Dalia Khorshid announced that Egypt is looking to increase Bahraini investment in the country.
Since President Abdel Fattah Al-Sisi’s ascension to power following a popularly-backed military ouster of Islamist president Mohamed Morsi in 2013, Egypt has been looking to diversify its political and economic ties, while Gulf aid and investments have skyrocketed.
In March of this year, Egypt and China inked several agreements to cooperate in the fields of education and scientific research, just two months after the two countries’ presidents signed another 21 agreements. China also offered Egypt a loan worth USD 1 billion, while inviting Egypt to be the guest of honour at a G20 summit in China set to take place in September.
Earlier this month, during a visit from Saudi Arabia’s King Salman, Egypt and the Kingdom signed multiple agreements worth USD 21.5 billion to cover Egypt’s petroleum needs, as well as finance development projects in the Sinai Peninsula and renovate Cairo’s Qasr Al-Aini hospital.