KARACHI, July 10: Egyptian companies have so far invested $300 million in Pakistan, whereas many companies are considering investing about $1 billion more in various sectors, Ambassador of Egypt Dr Mahmoud El Said stated here on Wednesday.

Talking to newsmen at a farewell reception, hosted for him by secretary general of Islamic Chamber of Commerce and Industry at a local hotel, the Egyptian envoy said that an Egyptian company was the first, that submitted letter of interest for privatization of Pakistan Telecommunication Company Ltd (PTCL).

“We hope to bring more investment in telecom and oil exploration sectors,” he said, adding by the end of this year, more Egyptian companies would invest in Pakistan.

Dr Mahmoud said that many Egyptian companies were also seeking to import from Pakistan various items like tobacco and wheat.

There is a lot of existing cooperation in trade between the two countries, he said, adding that he received a tremendous help from Pakistan government during his tenure as Ambassador in Islamabad.

“It (Pakistan) is like the second home for me,” he remarked.

Earlier, ICCI General Secretary Aqeel A. Al-Jassem said that Egypt had played an important role in increasing trade among member countries of Organization of Islamic Conference (OIC).

The reception was also attended by consul generals of OIC states, businessmen, representatives of KCCI and FPCCI.—APP