H.E. Dr. Rania Al-Mashat Chairs the Fourth Session of the Egyptian-Romanian Joint Committee for Economic Cooperation & Witnesses the Signing of Documents in the Fields of Investment, Agriculture, Small and Medium Enterprise Development, and Energy

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Mr. Stefan Radu Oprea, Romanian Minister of Economy, Entrepreneurship, and Tourism, chaired the fourth session of the Egyptian-Romanian Joint Committee for Economic, Scientific, and Technical Cooperation in the Romanian capital, Bucharest. This marks the first such meeting since 2019.

At the outset of the committee’s work, Romanian Minister of Economy, Entrepreneurship, and Tourism warmly welcomed H.E. Dr. Rania A. Al-Mashat during her visit to Bucharest. H.E. Al-Mashat emphasized the importance of further strengthening Egyptian-Romanian relations through the Joint Committee, which is a crucial mechanism for advancing the partnership between the two countries at various levels.

The two ministers discussed ways to enhance the long-standing economic relations between the two countries, particularly in light of recent regional and international economic developments, which necessitate joint efforts to support development between the two nations.

H.E. Dr. Al-Mashat referenced high-level reciprocal visits, including the Romanian President’s visit to Egypt in 2021 and his meeting with H.E. President Abdel Fattah El-Sisi, as well as the Romanian Prime Minister’s visit in 2023. These visits reflect the strength of bilateral partnerships and continuous coordination on various issues, highlighting mutual interest in expanding cooperation across all investment, trade, and economic fields.

The meeting also focused on potential cooperation in entrepreneurship. H.E. Dr. Rania Al-Mashat highlighted the establishment of the Ministry’s Entrepreneurship Taskforce, which is actively working to support the growth of startups and create a favorable business environment for this dynamic sector.

H.E. Minister Al-Mashat further discussed investment opportunities for Romanian companies in Egypt, particularly in renewable energy, green hydrogen, industrial localization, capacity building, and information and communication technologies. She emphasized the importance of the Suez Canal Economic Zone, a vital investment base for companies seeking to expand in the Middle East, Africa, and the Arab region.

The two sides also discussed cooperation within the framework of Carbon Border Adjustment Mechanisms (CBAM) to advance green transition efforts and reduce emissions.

The Romanian Minister of Economy commended the strong bilateral relations with Egypt and lauded the efforts by the Egyptian government to implement structural reforms that enhance the competitiveness of the economy and open opportunities for private sector partnerships.

Ministerial Session and Committee’s Work

Following the bilateral meeting, the Egyptian-Romanian Joint Committee for Economic, Scientific, and Technical Cooperation convened, chaired by H.E. Dr. Rania Al-Mashat, Egyptian Minister of Planning, Economic Development, and International Cooperation, and her Romanian counterpart, the Minister of Economy, Entrepreneurship, and Tourism.

The Egyptian delegation included: Mr. Alaa Farouk, Minister of Agriculture; Mr. Basil Rahmi, CEO of MSMEDA the Small, Micro, and Medium Enterprise Development Agency; Mr. Mohamed Aboumoussa, Assistant Governor of the Central Bank of Egypt; Engineer Mohamed Fathi, Chairman of Town-Gas Company; representatives from the Ministry of Investment and Foreign Trade, the Arab Organization for Industrialization, and H.E. Ambassador Moayed Al-Delei, Egyptian Ambassador to Romania.

The Romanian delegation was led by Mr. Adrian Caciu, Minister of Investment and European Projects; Mr. Florin Barbu, Minister of Agriculture and Rural Development; Mr. Sebastian Burduja, Minister of Energy, and other relevant officials.

The Committee’s discussions focused on areas of cooperation, emphasizing the importance of continuing to open new opportunities for collaboration between the private sectors of both countries, given their vital role in driving development efforts. The two sides discussed cooperation in the fields of investment, trade, small and medium-sized enterprises, industry, energy, oil and gas, water resources, irrigation, agriculture, transportation, telecommunications, information technology, environment, tourism, culture, and family and child welfare. The future cooperation between Romania’s Exim Bank and the Egyptian banking sector was also discussed.

During the committee’s meeting, six cooperation documents were signed. H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, on behalf of the Egyptian side, signed a Memorandum of Understanding (MoU) on investment between the General Authority for Investment and Free Zones and the Romanian Agency for Investment and Foreign Trade. Additionally, the fourth session protocol of the Joint Committee was signed.

The Minister also witnessed the signing of the executive action plan for the MoU in agriculture and land reclamation, an MoU between the Egyptian Small, Micro, and Medium Enterprise Development Agency and the Ministry of Economy, Entrepreneurship, and Tourism of Romania, and agreements related to the installation of gas distribution pipelines. Another agreement was signed for the manufacturing of specific products for the oil and gas industry between Town Gas Romania and Egypt’s CIS-Gas Company.

In conclusion of the committee’s work, H.E. Dr. Rania Al-Mashat emphasized that the committee had constructive discussions on expanding cooperation between the two countries, particularly in the private sector through the Joint Business Forum and the government. She highlighted Egypt’s priorities in industrial localization and green transformation, noting discussions in manufacturing, green hydrogen, transportation, infrastructure, agriculture, increasing investments, telecommunications, information technology, and cybersecurity. H.E. Minister Al-Mashat also affirmed the mutual agreement with Romania to establish mechanisms for monitoring the outcomes of the Joint Committee to accelerate progress and implement agreements and memoranda of understanding.

H.E. Minister Al-Mashat pointed out the vast opportunities for increasing trade exchanges and joint investments, which can meet the aspirations of both countries. The growing partnership in the oil and gas sector also serves to enhance energy security, while future cooperation between Romania’s Exim Bank and the Egyptian banking sector was poised for expansion.

It is worth noting that as 2024 marks the 125th anniversary of bilateral relations, it reflects the strength and depth of the partnership between Egypt and Romania.

Distributed by APO Group on behalf of Ministry of Planning and Economic Development – Egypt.