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…
Egypt, Bahrain Sign 11 MOUs as Egypt Looks to Attract Bahraini Investment
April 26, 2016
