AMMAN, April 11 (Xinhua) -- Jordan and Egypt signed a deal Wednesday to establish a council to coordinate investment cooperation between the two countries, the state-run Petra news agency reported.

Under the agreement, the council to be established will work to forge closer investment ties as well as cooperation between the two countries.

State Minister for Investment Affairs and President of the Jordan Investment Commission Muhannad Shehadeh said the MoU aims to enhance bilateral investments and exchange data on investors and investment initiatives that could achieve economic objectives.

The council will comprise a group of businessmen and investors from both Jordan and Egypt and they will be selected by the Egyptian Ministry of Investment and International Cooperation and the Jordan Investment Commission, the Jordanian official said.

The Egyptian Minister of Investment and International Cooperation Sahar Nasr said the memorandum of understanding is designed to further develop bilateral investment and business relations.