(MENAFN- Daily News Egypt) France has been one of the largest investors in the Egyptian market, with investments totalling €7bn in 180 projects, Egypt's Minister of investment and International Cooperation, Hassan El-Khatib, said. This came as he participated in the Egyptian-French Business Forum, which took place in Paris.
The forum was attended by Deputy Prime Minister for Human Development and Minister of health and Population Khaled Abdel Ghaffar, French Minister of Foreign Trade Sophie Primaux, Head of the General Authority for Investment and Free Zones Hossam Heiba, and a large number of officials and representatives of the business communities of both countries.
During the event, El-Khatib expressed his eagerness to work with the French Minister of Foreign Trade to strengthen cooperation, building on the excellent bilateral relations between the two countries. He also underscored the importance of developing economic and trade relations, contributing to sustainable development and fulfilling the aspirations of the Egyptian and French peoples.
El-Khatib highlighted the significance of the forum as a continuation of the 2024 Egypt-European Union Investment Conference held in Cairo last June, which coincided with the announcement of the elevation of relations between Egypt and the European Union to a comprehensive strategic partnership level.
He noted the strong presence of French companies at the conference, which resulted in the signing of 20 agreements between Egypt, European companies, and their Egyptian partners, valued at €40bn, in various sectors including green hydrogen, water management, chemicals, shipping, aviation, and automobiles.
The minister emphasised the crucial nature of the Egyptian-French partnership, based on strong, lasting ties of trust and friendship in all aspects.
He stressed that in terms of economic relations, the current bilateral ties are at their strongest. France has been a key partner for Egypt in its sustainable development journey over the past years, and it is one of the largest investors in the Egyptian market, with investments totalling €7bn in 180 projects, generating around 50,000 jobs in manufacturing and telecommunications sectors, alongside 900 companies with French contributions.
El-Khatib pointed out that despite global economic challenges, Egypt possesses a broad base of international and foreign companies, including French firms, who perceive Egypt as an attractive investment destination and an industrial and export hub for neighbouring African markets, the Middle East, and Europe.
He highlighted that Egypt maintained its position as the top investment destination in Africa in 2023 for the second consecutive year according to UNCTAD (United Nations Conference on Trade and Development). Foreign direct investment in Egypt reached a record high during the fiscal year 2023/2024, reaching $46.1bn in non-oil sectors.
The minister noted that Egypt enjoys a distinctive geographical and investment location, bridging Europe, Asia, and Africa, making it a natural hub for connecting the three continents. He emphasised that Egypt offers easy access to global markets, and serves as a main hub for global supply and value chains, enabling convenient access to goods and services.
He added that Egypt possesses a significant number of free trade and preferential trade agreements, competitive investment prices, a large consumer market of 106 million people, and a skilled workforce of 31 million.
El-Khatib further emphasised the genuine commitment of the Egyptian government to continuing economic reforms, based on the achievements already realised and the significant investments made in infrastructure, including road networks, energy projects, telecommunications, and more.
He underscored that the Egyptian-French Business Forum is taking place at a crucial time, as the world faces increasing economic challenges. This necessitates intensifying efforts to deepen economic cooperation between the Egyptian and French business communities to explore new investment opportunities that would contribute to achieving economic growth in both Egypt and France.
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