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sibgakhan · #23 Monday, January 16, 2006

Pakistan Attracts More Egyptian Investments

ISLAMABAD, Pakistan: An important economic delegation from Egypt is due in Islamabad next week to explore possibilities of expanding Egyptian investments in Pakistan, mainly in the fields of Telecommunication, Information Technology and Tourism.

The President of ORASCOM Telecom-Egypt, and major Partner of MOBILINK- Pakistan, Mr. Naguib Sawiris, will head a large delegation of businessmen from Egypt in a 3 day official visit.

In an interview, the Ambassador of Egypt to Pakistan Hisham El-Zimaity, said that Pakistan was an investment friendly country, and that Completion of the process of return to democracy which materialized with the Recent Senate elections further enhanced the stability of the market and Its credibility.

"It will definitely help more investors from Egypt & other countries to consider expanding their activities in Pakistan," he said.

Hisham El-Zimaity said that Pakistan and Egypt were brotherly Countries and the two Governments were committed to take cooperation to higher grounds by encouraging the private enterprises to consider working with partners in the two countries.

The projected increase of Orascom investments in Pakistan by US $150 in 2003 and another by US $ 250 million in 2004 was an excellent example of true will and determination for more cooperation between the two countries.

He said that Pakistan and Egypt were both members of the D-8 (the group of most developing Muslim countries) and were committed at the highest level to ensure their cooperation gets solid and beneficial to both sides.

The Ambassador of Egypt also said that more delegations from Egypt are due in Pakistan within the coming months to open new vistas and explore ways and means to further cooperate in different fields.

ORASCOM, was founded in 1950, and is one of the largest Holding companies in Egypt, with investments above US $ 2 billion and Current operations in 21st country, in the fields of industry, construction, education, Information Technology & Telecommunications, as well as tourism and hotel management.

It operates Mobile networks in many countries such as Egypt, Pakistan, Algeria, Tunisia, Yeman, Zimbabwe, Congo, Chab, Lebanon and Syria.

It also runs a series of luxurious hotels and fine restaurant as well as sea resorts mainly on the Red Sea and other parts of Egypt.

Mr. Sawiris visited Pakistan before and is happy to be back to work together With officials to further cooperate and expand activities in the country.