Egypt, Thailand sign MoU to strengthen economic cooperation
Updated 12/26/2024 4:22:00 PM
Arab Finance: Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, and Thailand’s Minister of Commerce, Pichai Nariptavan, signed a memorandum of understanding (MoU) to establish a joint trade committee and an action plan for economic cooperation, as per a statement.
The signing ceremony, held virtually via video conference, is part of Egypt's ongoing efforts to enhance its economy, attract foreign investments, and facilitate trade.
The joint action plan will serve as a framework for identifying priority areas for economic collaboration and achieving the goals outlined in the MoU.
The two ministers also proposed convening the first meeting of the joint trade committee in the first half (H1) of 2025.
During the event, El-Khatib outlined Egypt’s vision to create a competitive, investment-friendly economy.
He emphasized Egypt’s ambition to position itself as a regional hub for investment and trade by fostering a dynamic business environment conducive to economic growth.
Key to this vision is economic reforms aimed at streamlining customs procedures, with the goal of reducing clearance times to just two days by 2025.
This measure is expected to enhance trade efficiency and ease business operations.
For his part, Nariptavan emphasized that the MoU marks a significant step toward strengthening economic ties between the two nations.
He noted its potential to deepen collaboration in tourism, agriculture, industry, and support for micro, small, and medium-sized enterprises.
This agreement coincides with the 70th anniversary of diplomatic relations between Egypt and Thailand, which were established in 1953.
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