The Ministry of Investment and International Cooperation, in cooperation with the French Chamber of Commerce, on the occasion of French President Emmanuel Macron’s visit to Egypt, on Monday, January 28, 2019, organized the Investment Economic Forum, in the presence of Dr. Sahar Nasr, Minister of Investment and International Cooperation, Dr. Mohamed Shaker, Minister of Electricity, Agnès Pannier-Runacher, Secretary of State at the French Ministry of Economy and Finance, Ghada Waly, Minister of Social Solidarity, Dr. Khaled Atef Abdel Ghafar, Minister of Higher Education and Scientific Research, Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, Dr. Hisham Arafat, Minister of Transport, Eng. Amr Talat, Minister of Communications and information technology, Lieutenant General Mohab Mamish, head of Suez Canal Authority, and members of the Egyptian- French Business Council, and about 300 representatives from French companies.
The forum witnessed signing 32 agreements included cooperation protocols, memorandums of understanding, and declarations of intent and investment contracts with investments in the fields of renewable energy, transportation, health, social protection, supply, entrepreneurship, telecommunications, small and medium enterprises, Automotive Technology and women's empowerment.
Dr. Sahar Nasr, Minister of Investment and International Cooperation, stressed that the visit of the French President to Egypt reflects the deep ties and strategic relations between the two countries, which are currently witnessing tangible development in all fields, pointing out that the number of agreements signed during this visit reached 40 agreements worth 1.6 billion euros.
The minister confirmed that the current government spares no effort since beginning its responsibility to work on creating an attractive investment environment and put Egypt on the map of global investments.
The French Secretary of State at the French Ministry of Economy and Finance, asserted that France is one of the largest investors in Egypt where the total investment in Egypt exceeds $ 5 billion, and the number of French companies operating in Egypt about 160 companies, while the French investments vary in various sectors, especially infrastructure, transportation, industry, Electricity and renewable energy, telecommunications, information technology, and the financial sector.
She added that lactel group intends to increase its investment by 55 million dollars and so the company will provide 6,000 jobs and Zahran Group will invest in the industrial sector by establishing a new entity to expand in the Egyptian market and turn Egypt into a regional center for the company to export to Africa and the Middle East with investments estimated at 30 million euros.
At the end of the forum 32 agreements were signed and the signed agreements are:
1. A declaration of intent between Dr. Sahar Nasr, Minister of Investment and International Cooperation and the State Secretary at the French Ministry of Economy, in the field of cooperation to uplift the safety of the Egyptian railway network.
2. Declaration of Intent and Memorandum of Understanding between the Internal Trade Development Agency and Marché international de Rongi signed by Dr. Ali Al Meselhi, the Minister of Supply and internal trade, and the Secretary of State at the French Ministry of Economy and Finance to finance the technical assistance for developing the wholesale markets in Egypt.
3. Declaration of Intent between Eng. Amr Talaat- the Minister of Communication and Information Technology- and the State Secretary at the French Ministry for the Economy and Finance on the promotion of entrepreneurship and growth of emerging companies in the field of Information Technology.
4. Protocol of Cooperation between the Ministry of Communication and Information Technology and Orange Egypt Telecom to promote the company’s operations in Upper Egypt.
5. An agreement between Dr. Sahar Nasr, Minister of Investment and International Cooperation and the executive director of the French Development Agency, Rémy Rioux for field Irrigation Improvement Project which aiming at Improving the irrigation in the areas overlooking the Mahmoudiyah Canal and Manifa and Meet Yazid in Kafr El-Sheikh governorate, and Increase the agricultural profitability.
6. Memorandum of Understanding between the Egyptian Armed Forces Medical Services Management and Sanofi Company on the scientific, research, commercial, and technical Cooperation discussions in the field of vaccines.
7. Memorandum of Understanding between Admiral Mohab Mamish - chairman of the Suez Canal Economic Zone and Ecoslops company to transform the oil residues from ships crossing the Suez Canal into new recycled fuels.
8. Memorandum of Understanding between Admiral Mohab Mamish - Chairman of the Suez Canal Economic Zone and Avinor Company to supply equipment for the disposal of oil spills from ships, in support of the Environmental Assessment Program of the Suez Canal.
9. Confirmation of the joint agreement signed with the Egyptian Electricity Transmission Company and the consortium (Toyota Tsusho – Engin- Orascom for Construction) for the construction, operation, and maintenance of a 500 MW wind farm in Ras Gharib in Gulf of Suez.
10. Protocol of Cooperation between the Egyptian Ministry of Electricity and Renewable Energy and Orange Egypt Telecom to generate energy through the renewable energy sources in the implementation of the sustainable energy strategy with estimated investments amounting 250 million Egyptian Pounds.
11. Protocol of Cooperation between the Ministry of Social Solidarity and Schneider Electric to illuminate five villages in Upper Egypt and South Sinai or pump water from the wells using solar energy technology at a cost of 10 million Egyptian Pounds.
12. Protocol of Cooperation between the Egyptian Ministry of Social Solidarity and Orange Egypt Telecom to implement an integrated strategy to develop the payment and collection system in the Ministry and its affiliates and to empower the beneficiaries with financing SMEs to establish authorized outlets for Orange Egypt Telecom Services all over the country.
13. Memorandum of Understanding between the Ministry of Social Solidarity and Credit Agricole Egypt to improve access to digital banking services in remote areas.
14. Memorandum of Understanding between the Egyptian Ministry of Social Solidarity and L’Oréal Company to train and create job opportunities for women.
15. Memorandum of Understanding between the Egyptian Ministry of Health and Population and AXA Africa Holding Company (the largest health insurance company in the world to support and develop the Egyptian Health Sector and the comprehensive Health Insurance through the establishment, management and operation of network of comprehensive clinics for the basic, specialized and diagnostic care to provide primary care services). The amount of foreign direct investment from AXA Africa Holding company to establish and implement this project is about one Billion Egyptian pounds over the next five years.
16. Memorandum of Understanding between the Egyptian Ministry of Health and Population and Sanofi company including the development of the Egyptian Emergency System in cooperation with the French Emergency Agency (SAMU) and further cooperation in the oncology and vascular drugs.
17. The protocol between the Academy for Scientific Research and Technology and Valeo Egypt to support the academia-industry researches in the field of electric automotive.
18. Memorandum of Understanding between the National Authority for Tunnels and Vinci Company for phase 4 of the third line of Cairo Metro.
19. Agreement on Competency Management Programs between the Information Technology Industry Development Agency (ITIDA) and France Teleperformance.
20. Protocol of Cooperation between the Information Technology Industry Development Agency (ITIDA) and Valeo Egypt Company in various fields including the provision of training in the automotive technology.
21. Memorandum of Understanding between the Egyptian company for Tracking Services and Information Technology and Idemia Company.
22. Memorandum of Understanding for Partnership between the Administrative Capital and EDF France for the implementation, operation, and maintenance of the electricity grid of the new Capital.
In addition, H.E. the Minister of Investment and International Cooperation and the French State Secretary for Economy and Finance witnessed the signing of a number of agreements for the Private Sector, namely;
1. The merger agreement between Zahran Group and Groupe SEB, whereas all the merger procedures have been completed and they announced their expansion and the opening of a new plant in Borg El Arab city.
2. Memorandum of Understanding between El Sewedy and MND company for the development of an integrated cable transport system in the touristic sites.
3. Memorandum of Understanding for cooperation on the development of payment methods related software.
4. Memorandum of Understanding between Misr Insurance Holding Company and Cerway to strengthen the environmental quality of building refurbishment projects in downtown Cairo.
5. Update the contract for the distribution of Sainte Mère products in Egypt.
6. Memorandum of Understanding between Tatweer Misr and Schneider Electric to cooperate in the construction of smart resorts and cities with all its integrated urban projects (Future City Project, Fouka Bay Project, North Coast and IL Mont Galala 2).
7. Extend Cooperation Agreement between AXA and LEAD foundation to insure microcredit entrepreneurs.
8. Joint Venture Agreement between Al-Ahli Capital, EDF Company and Edison Egypt Energy Services.
9. Joint Venture Agreement between Al-Ahli Capital, EDF company and Edison Egypt Energy Services.
10. Agreement between Al-Ahli Capital and EDF for a feasibility study and implementation of a co-generation system of gas consumption on the group’s industrial sites.
11. Agreement between Edison Egypt and Saint-Gobain Egypt for a feasibility study and implementation of a co-generation system of gas consumption on the group’s industrial sites.
