THE Philippines and Egypt are exploring ways to deepen trade ties, including the possibility of introducing Egyptian cotton-related investments in the country, as both governments seek to expand economic cooperation despite relatively modest trade volumes between them.
Trade Secretary Ma. Cristina Roque said Egyptian officials and business groups have expressed interest in exploring opportunities involving Egyptian cotton, although discussions remain at an early stage and no firm investment commitments have been made.
‘[What we discussed was] how to strengthen trade between the Philippines and Egypt. They are interested in producing Egyptian cotton. They want to introduce us to some companies that are interested in exploring the opportunity,’ Roque told reporters.
‘Actually, there is nothing definite yet. We are simply exploring the possibility of producing Egyptian cotton from seeds for fabric production,’ she added.
Roque stressed that talks with Egypt are currently focused on broadening trade and business engagement rather than negotiating a free trade agreement.
Asked about the state of bilateral trade, the trade chief said economic exchanges between the two countries remain limited, prompting both sides to identify new areas for cooperation.
‘Not too much. So they’re trying to find ways for us to really strengthen the trade. So it’s really exploratory. Meaning they’ll bring in businessmen here, or we can go there,’ Roque said.
Her remarks came after a meeting with Egyptian Ambassador Nader Zaki last week to discuss preparations for the visit of Egyptian Foreign Minister Badr Abdelatty and explore opportunities to strengthen economic relations between the two countries.
According to the Department of Trade and Industry (DTI), discussions covered a proposed business roundtable, trade and investment opportunities, and potential partnerships in agriculture and the Suez Canal Economic Zone.
The latest engagement builds on efforts by both governments to expand commercial ties. Last year, the country sought deeper agricultural trade cooperation with Egypt, particularly for high-value products such as mangoes and bananas, as well as durian.
Trade data indicated that bilateral commerce remains relatively small. In 2023, Egypt exported about $12 million worth of goods to the Philippines, while imports from the Philippines reached approximately $12.5 million.
Despite strong growth in trade flows in recent years, Egypt has yet to enter the Philippines’ top 40 trading partners, according to the trade chief.
Earlier this year, Egypt proposed the creation of a joint business council with the Philippines to facilitate trade and investment cooperation in sectors such as agriculture, pharmaceuticals, infrastructure and energy.
Abdelatty proposed during a telephone conversation with Foreign Affairs Secretary Maria Theresa Lazaro in February, suggesting that private sector representatives be included to strengthen business-to-business engagement and help identify new commercial opportunities.