Mohamed Farid, Egypt's Minister of Investment and Foreign Trade, stated that Egypt is working to enable Czech pension funds to invest in the local market as part of efforts to deepen economic ties with the Czech Republic. The remarks came during an expanded meeting with Czech Ambassador to Cairo Ivan Jukl and commercial counsellor Ondřej Kočí.
The meeting focused on advancing investment ties, trade partnerships, and localizing advanced technology. Farid emphasized Egypt's priority on attracting "qualitative investments" that shift from traditional supply models to localizing advanced industries. He highlighted the potential use of Czech drone technologies for geological surveys in Upper Egypt, Sinai, and the Eastern Desert.
"Through these partnerships, we aim to deepen local manufacturing and improve the efficient utilisation of mineral resources," Farid said, noting incentives to draw Czech investments, including pension funds such as the BPI Fund. He mentioned preparations for the upcoming joint economic committee meeting in Prague to turn discussions into concrete projects.
Jukl stated that bilateral cooperation goes beyond technology transfer to localize manufacturing, building a sustainable technological base and developing Egyptian skills. He cited a successful $100m Czech project in Sadat City, with 60% of output currently exported and plans to reach 100%. He plans to organize a high-level visit by Czech business leaders.
The sides agreed to form a joint technical working group for intensive talks ahead of the Prague meeting.