An Austrian economic delegation is expected to embark on a three-day visit to Egypt as of January 17 to explore investment opportunities in Egypt and means of enhancing economic and trade cooperation, the Egyptian trade counselor in Austria said.

The Austrian business team visit – arranged by the Austrian Federal Economic Chamber – is important for encouraging investment in Egypt, especially after announcing Egypt's plans for spearheading mammoth projects, such as the new industrial zone in the Suez Canal area, the one-million-feddan development project and the new administrative capital, Duwidar said in an interview with MENA.

Duwidar noted that the delegation – that will comprise representatives from key Austrian companies - will hold meetings with senior officials in the energy and electricity domains.

He added that ratifying renewable energy power feed-in tariff will encourage investments in the energy sector.

He noted that the volume of trade exchange between Egypt and Austria leapfrogged by 10 percent to stand at 140 million euros in the first half of 2015.