Egyptian Minister of Investment and International Cooperation Sahar Nasr said the volume of Lebanese investments in Egypt reached USD 670 mn by end of June 2018, reflecting the activity of about 1,645 companies in the sectors of services, industry, construction, petroleum, tourism, and agriculture, Invest-Gate reports.

Lebanon occupies the 22nd place among the countries investing in Egypt, Nasr underlined in a ministerial statement on November 25.

She lauded the tangible achievements and positive development witnessed by the Egyptian-Lebanese cooperation in distinct areas, pointing out that the investment climate in Egypt is suitable for increasing the support of Lebanese businessmen to the Egyptian economy by injecting new investments, which will accordingly contribute to raising Lebanese investments in the country.

The minister’s remarks came during her meeting with Lebanese Minister of Economy and Trade Raed Khoury, on the sidelines of the Egyptian-Lebanese Ministerial Follow-up Committee, chaired by Nasr, in Beirut.

The two parties discussed increasing bilateral cooperation in the fields of investment, agriculture, industry, health and medicine, culture, information, tourism, among others. They agreed to boost the private sector participation in the development of bilateral cooperation through holding an Egyptian-Lebanese Businessmen Council.

During the meeting, Lebanese-based M1 Group decided to set foot in the Egyptian market, given that it is deemed one of the largest investment groups in the services, communications, and industry sectors and that its investments amount to about USD 3 bn, according to the ministry’s statement.