Minister of Trade and Industry Tareq Qabil held a bilateral talks session with Portuguese Ambassador to Cairo on means to increase rates of intra-trade and joint investment projects between both countries during the coming stage along with standing on the latest economic developments between them.

The meeting tackled preparations done for the visit of the Portuguese foreign minister to Cairo next week which aims at boosting and supporting economic and political ties between Egypt and Portugal and exchanging points of view on the situation in the region, according to a statement by the ministry on Friday.

Egypt and Portugal seek to increasing rates of commercial exchange to reflect the distinguished political ties binding both countries, the statement said.

The talks also took up preparations done for the meeting of the Egyptian-Portuguese trade committee slated for in Cairo during the 2nd half of 2016, it added.

A Portuguese businessmen delegation will accompany the main Portuguese delegation partaking in the event to discuss establishing more Portuguese investment projects in Egypt in the various domains during the coming phase, the statement added.

Several important economic issues are being discussed between both states including establishing an Egyptian-Portuguese business council, the statement said.

Cooperation would involve the fields of leather, car spare parts, marble, granite, cables, renewable energy and construction, it added.

The Portuguese market is big and open for the Egyptian goods and products, the minister said, adding that the volume of trade exchange slightly increased this year.

The most important Egyptian exports to the Portuguese market are the medical products, furniture, electric and electronic devices, glass, iron, steel and textiles, Qabil said, adding that Egypt mainly imports machines, equipment, papers and organic chemical products from Portugal.

Meanwhile, the Portuguese ambassador asserted that the visit of the Portuguese foreign minister to Cairo comes within the framework of Portugal's keenness on strengthening and boosting ties with Egypt politically and economically.

There are big opportunities to expand volume of economic ties especially via increasing volume of trade exchange, the ambassador reaffirmed.

Cooperation is possible between both countries especially in the fields of small and medium enterprises, alternative energy and recycling, he noted.