ISLAMABAD, Jan 8: Egypt has offered to import rice, tobacco and wheat from Pakistan and enhance bilateral cooperation in other fields.

The offer was made by a group of Egyptian investors during a meeting with Federal Finance Minister Shaukat Aziz here on Tuesday. The delegation was led by Shafik Gabr, Chairman and the Managing Director of ARTOC Group of Investment and Development here on Tuesday. The other members of the delegation included Salah Hafez, Board member, Nagy El-Barkouky, Board Member, Abdel Hamid Gadou, Marketing Manger and officials of the Egyptian Embassy.

Mr Gabr, who is considered one of the richest Egyptian businessmen having business in many countries, also showed interest to invest in major projects such as dams and roads on Build, Operate and Transfer (BOT) basis.

According to a handout issued by the ministry of finance, he said, he was really impressed by the economic progress made by Pakistan. He said Egyptian investors were looking forward to joint ventures in trading and investment with their Pakistani counterparts in order to boost bilateral cooperation between the two countries.

The finance minister stressed the need for cementing the economic relations between Egypt and Pakistan. He said Pakistan offered immense opportunities in the energy, petro chemical, oil & gas, and tourism sectors.

Aziz invited the Egyptian investors to come forward and avail of the conducive business climate offered by Pakistan. He informed the delegation about the economic reform programme being initiated by the government.

The finance minister said that economic indicators were improving, and that foreign exchange reserves were now almost five billion dollar. Similarly, he said, inflation was low and exchange rate was stable.

Informing the delegation about the tariff and taxation structure of the country, Aziz said that a unique blend of lower tariff together with a well developed infrastructure provided an ideal opportunity for the prospective investors.

Our Reporter adds: During a meeting with Federal Privatization Minister, Altaf M Saleem, the delegation expressed confidence in the economic policies of Pakistan and showed keen interest in the privatisation programme with particular reference to Oil and Gas and Telecom sectors. According to a handout, the minister, highlighting the salient features of the privatization programme, apprised the delegation of the process of the privatization and the government‘s efforts to facilitate the investors, providing conducive atmosphere and security for their investments.

The minister informed the delegation that most of the targeted entities in the OIL and Gas, Telecom and Banking sectors had attracted the potential local and foreign business groups, which was a significant and positive development.