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إدارة الموقع

Egyptian businessmen complain on delay in payment

الشروق أونلاين
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Egyptian businessmen complain on delay in payment

The head of the Egyptian side in the Algerian Egyptian Business Council, Ibrahim Mahlab, said Egyptian businessmen want to set-up an Egyptian industrial area in one of Algeria ’s harbours. The industrial area is aid to be as large as 2 million m2. Further to that, housing units as well as the participation of Egyptian businesses in the petrochemical sector will part of Egyptian projects in the country.

The head of the Egyptian side in the Algerian Egyptian Business Council, Ibrahim Mahlab, said Egyptian businessmen want to set-up an Egyptian industrial area in one of Algeria ’s harbours. The industrial area is aid to be as large as 2 million m2. Further to that, housing units as well as the participation of Egyptian businesses in the petrochemical sector will part of Egyptian projects in the country.
 
Meanwhile, an Egyptian Trade Ministry’s report says Egyptian exporters saw their incomes endangered by delay in payments from their Algerian customers who are said to put the money in brokers’ accounts in London .
 
The report was put on the table of Algerian/Egyptian High Joint Commission where red tape and heavy administrative procedures were put at the source of the issue. Egyptian medicines and pharmaceuticals also face difficulties in registration by the Algerian Health Ministry. And since the implementation of the partnership agreement between the European Union and Algeria in September 2005, European products enjoy full exemption from customs duties, major competitors for Egyptian exports.
 
The report proposed the signing of a protocol agreement between the Central Bank of Egypt and its Algerian counterpart, enabling the Algerian side to endorse bond guarantees issued by the Egyptian Ministry of Housing for the benefit of the Egyptian construction companies.
 
Exports from Egypt to Algeria increased by 28%, rising from US$ 198 million in 2006 to US$ 253 million I 2007.
Egyptian investments in Algeria reached US$ 3.5 billion dollar, while the trade exchange between the two countries reached US$ 717 million dollars against 649 million dollars in 2006. A clear 10% increase.
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