(Ecofin Agency) - In 2017, trade volume between Egypt and Mexico amounted to $ 123.4 million, authorities revealed during the launching ceremony of Egypt-Mexico Business Council last week.

Out of this figure, Egyptian exports to Mexico reached $71 million, while imports from Mexico stood at about $52 million.

Egypt’s main imports items from Mexico include tubes, railway spare parts, steel, zinc, iron and oxides while the country mainly exports chemical fertilizers, ready-made clothes and carpets towards Mexico.

Therefore, Egypt positions itself as Mexico's third trade partner in Africa and attracted over $1.2 billion as Mexican investment. The beneficiary sectors include construction, cement, oil, energy and technology. In this regard, the Mexican multinational CEMEX is one of the largest investors in Egypt.

The Egypt-Mexico Business Council aims to boost trade and economic relations between both countries. According to Egyptian authorities, this cooperation platform will allow Mexican operators to invest in the economic zone of Suez Canal, the new administrative capital, as well as in many other sectors.