Egyptian company investing $500m in Pakistan’s energy sector: envoy

Pakistan Today/03-02-2020

ISLAMABAD: Egypt’s Ambassador to Pakistan Ahmed Fadel Yacoub said Egyptian company El Sewedy Electric had expressed its intention of investing $500 million in Pakistan’s energy sector and had already completed the feasibility study in this regard. “It is one of the largest Egyptian companies that has investment in many countries,” he said, adding there was a huge potential for trade and investment between the two countries. “We encourage business associations in Pakistan, especially the chambers of commerce, to organize business trips to Egypt. The Rawalpindi Chamber of Commerce already intends to send a delegation to Egypt during the next few weeks,” the Egyptian envoy said in an interview with Arab News. Yacoub said any business between the two countries or their private sector companies was always supported by his embassy. He added that it could either be a joint venture or an initiative taken by individual companies.