Egyptian company invests $500m in energy sector of Pakistan

Ambassador of Egypt in Pakistan Ahmed Fadel Yacoub said the Egyptian company El Sewedy Electric has expressed its intention of investing $500 million in energy sector of Pakistan

Egyptian company invests $500m in energy sector of PakistanHe further said Egyptian company has already completed the feasibility study in this regard. El Sewedy Electric is one of the largest Egyptian companies that has investment in many countries. 

The envoy noted that there was a huge potential for trade and investment between the two countries.

Egyptian representative said in an interview that we encourage business associations in Pakistan, especially the chambers of commerce, to organize business trips to Egypt. The Rawalpindi Chamber of Commerce already intends to send a delegation to Egypt during the next few weeks.

Ahmed Fadel Yacoub told that any business between the two countries or their private sector companies was always supported by his embassy.

He added that it could either be a joint venture or an initiative taken by individual companies. Either way, he noted, it benefited the people of the two countries, making his diplomatic mission work diligently to enhance bilateral investment between Pakistan and Egypt.

The ambassador talked about the bilateral ties between Pakistan and Egypt that the relations between both countries were good and gaining strength with each passing day.

He maintained that both sides had always cooperated in diverse fields, adding that two very important business delegations from Egypt had recently visited Pakistan to explore investment opportunities.

He further mentioned that we received two very important business delegations from Egypt recently which included representatives of many big companies. One of them was an Egyptian billionaire, Naguib Sawiris, who has already invested in Pakistan but wanted to discuss new investment projects with relevant authorities.

Ambassador said that Pakistanis are welcome to visit Egypt for any purpose, including tourism, business, and study.

He said his country took great pride in hosting tourists from across the world, adding that the embassy issued more than 4000 visas to Pakistani citizens in 2019. Last year, we issued over 4000 visas to ordinary Pakistanis, most of them for tourism. The number excludes official visas or travel permits issued to diplomats and members of various delegations”